This Cryptocurrency Drama Will Make You Laugh-Cry 🤷‍♂️

by
  • TAO stumbled, tripped, and fell right below $434 and $354—gravity is not kind to coins. 💸
  • But wait! A bounce to $390? The liquidation heatmap seems more optimistic than my therapist. 📈

Oh, Bittensor [TAO]-sweet, sweet Bittensor. It’s been an absolute rollercoaster ride, and not the fun kind with cotton candy. For the past month, this sad little coin has been ghosted by the support zone between $440 and $480. It tried coming back ten days ago—like an ex at 2 a.m.—only to be firmly shown the door. 26.7% shed like tears in the rain. 😢

Now, we can blame Bitcoin [BTC] for being a bad influence. Its meandering near the $100k mark has made TAO wobbly, like it’s been day-drinking during work hours. No bullish conviction, no love, just relentless despair. Since December, it’s been like watching someone trip down the up escalator: painful, pointless, yet compelling. 📉

The $354 Support: Just Another Gas Station Bathroom Stop 🚽

You see those Bollinger bands? They’re wider than my Uncle Harold’s belt during Thanksgiving—volatility’s been the name of the game since November. And let’s be honest, November brought a shiny uptrend. But just like my New Year’s resolutions, it didn’t last. TAO flipped bearish faster than a pancake in a prison cafeteria.

The tragic saga continued in January when $434 said its goodbyes, followed swiftly by $354. And here we are, TAO bouncing 14% off local lows like a rubber ball hurled into oblivion. This isn’t recovery; it’s performance art. 🎭

The Average True Range (ATR)—yes, we’re still talking charts here—and the BB indicator are in a screaming match about volatility, and you’d be right to cover your ears. Selling pressure? Oh, it’s real. Downtrend fans are having their moment. 🚀⬇️

If TAO were a sitcom, the 1-month liquidation heatmap would be its laugh track. Those short liquidations at $380-$400—that’s where the drama is brewing. Monday, February 3rd gave us a dead cat bounce (yes, that’s a real term—Wall Street humor, everyone). And honestly, the demand is drier than toast. Could we see rejection from $400? Likely. Very likely. Swing traders, be ready with your popcorn and your shorts. 🍿👖

Read More

2025-02-09 16:09