A large number of short positions entered the TAO market recently, expecting further price declines but price surged, trapping these shorts.
Despite a 10% decline over the past week, the token has seen a 20% increase this month, indicating a bullish outlook over longer timeframes.
This led to a large number of short positions entering the market, expecting further price declines. However, TAO’s has price surged after this pattern, trapping these shorts. After a recent correction, TAO seemed to be in vertical accumulation, indicating the possibility of a potential bounce on the 45-minute timeframe. The token’s pullback to the $500 range is seen as a short-term buying opportunity.
Despite the recent pullback, TAO remains one of the top projects in the AI ecosystem, further supporting its bullish potential.
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