Bittensor (TAO) at Risk of ~40% Drop if Crucial Support Breaks; Aptos (APT) Gears Up for Rally
According to Rekt Capital’s latest newsletter, Bittensor’s TAO has been showing concerning price action that could lead to a downturn if key support levels fail to hold.
For several weeks now, TAO has been trading within what appears to be a Weekly Ascending Triangle formation. However, it has repeatedly failed to break out from this pattern, facing harsh rejection from the top of the structure and subsequently dropping straight to the bottom.
The analysis from Rekt Capital suggests that if TAO price fails to maintain its Ascending Triangle and loses the critical $350 support level, prices could drop into the identified lower range. This would complete the fractal pattern with a possible dip to $217, representing a substantial 38% decline from current levels.
Currently, TAO has managed to print Weekly Closes above the $350 support for five consecutive weeks. Rekt Capital emphasizes that to maintain this price stability, TAO will need to avoid a Weekly Close below this crucial level in the coming days.
Aptos Could Be Ready For a Rebound
Despite the recent Bitcoin retracement, Rekt Capital notes that APT continues to maintain its position above the Monthly Range Low of $5.45.
According to Rekt Capital’s analysis, continued stability above this level going into March would secure a Monthly Close above the Range Low, which would be essential for preserving the Macro Range structure.
Provided that this Range Low indeed continues to hold, Rekt Capital points out that a future retest at a higher level would be necessary to enable trend continuation into the upper half of the Macro Range.
Read Also: Time to Buy Dogecoin? This Analyst Makes a Shocking DOGE Price Prediction
Specifically, APT needs to hold this Macro Range Low to enable a move to the $7.92 level over time. A Monthly Close above that level would create a post-breakout retest opportunity, turning this level into new support that could springboard prices towards the Downtrend line in the Macro Range.
Rekt Capital concludes that the first priority remains preserving the Monthly Range Low before looking at higher targets.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
