Tellor (TRB) Makes Fifth Attempt at Breaking Out Over Major Resitance Level

With the exception of a short deviation on Oct 24, the TRB price has been trading below the $26 resistance area.

TRB Sends Bullish Signals

Despite this resistance, the price action from the Oct 7 all-time low of $12.78 seems bullish. The price has created a higher low and continued its increase since then. At the time of press, TRB had crossed above the $26 resistance and is trading for $27.47. The next significant resistance level is found at $46.

Technical indicators are bullish. The MACD is positive and increasing, the RSI is above 50, and the Stochastic oscillator has made a bullish cross. Therefore, the TRB price is expected to break out from the current resistance area and continue moving upwards.

Short-Term Movement

Cryptocurrency trader @CryptoNewton outlined a short-term TRB chart, stating that he believes the price will soon break out from the current symmetrical triangle to target $30.

Since the tweet, the price has seemingly broken out from the triangle and reached a high of $27.65. While there are minor resistance levels at $27.20 and $30, which could cause short-term decreases, the price is expected to eventually move above these levels. A flip of the $30 area as support would indicate that the price is heading towards the previously outlined resistance area at $46.

Conclusion

TRB is expected to continue its upward movement and gradually increase towards $46 with intermittent retracements along the way. For BeInCrypto’s latest Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto