🐂 Though $TAO has been in this bearish consolidation phase lately, kinda stuck in a rut, but I'm spotting some signs that things might turn around soon.
Volume-wise, it's been dropping off as the price slides, which makes me think the sellers are starting to tire out. That sharp drop with 27,628 volume? Feels like capitulation to me – folks throwing in the towel.
Flows are rough overall, with big outflows like -6.04M USDT in the last 24 hours and even more over longer periods, pointing to institutions cashing out. But check this: a fresh 30-min inflow of 70.49K – could be hinting at a quick flip.
I'm going cautious long $TAO here, betting on a reversal play.
Best entry around 217.50-218.00 USDT near that support level. But make sure to wait for a solid sign, maybe a bullish engulfing candle or it popping over 219.00 with solid volume.
Stop loss at 214.50 USDT to keep risk at about 2.5% from entry.
Targets $TAO : 225.00-228.00 USDT for 4-5% upside if it pops.
You seeing the same on $TAO, or am I missing something? #TAO #TAOUSDT #bittensor