See More

Tellor (TRB) Breaks Out and Aims for $32

2 mins
Updated by Ryan Smith
Join our Trading Community on Telegram

In Brief

  • TRB has broken out from a descending resistance line.
  • There is resistance at $25 and $32.
  • TRB/BTC reached an all-time low on Jan. 5.
  • promo

The Tellor (TRB) price has broken out from a descending resistance line and is currently attempting to move above the $25 resistance area.

As long as the current bullish structure remains intact, TRB should move above this resistance area and target $32.

TRB Attempts a Reclaim of the $25 Area

On Jan. 5, TRB broke out from a descending resistance line it had been following since reaching a high of $23.99 on Nov. 23.

While it has increased substantially since, it was rejected and is trading below the $25 resistance area, the 0.5 Fib retracement level of the most recent decline.

If it breaks up successfully, the next resistance area would be at $32.

Technical indicators on the daily time-frame are bullish, increasing the likelihood that it will reclaim this area and continue moving higher.

Descending Resistance
Chart By TradingView

Cryptocurrency trader @PostyXBT outlined a TRB chart, stating that a flip of the $21 area could lead to a significant increase.

While it has already flipped this level, it has to reclaim the $25 area before it can rally at an accelerated rate.

Movement
Source: Twitter

Possible Continuation?

The shorter-term two-hour chart provides a support area around $22. We can also see that TRB is following a very steep ascending support line that has been validated three times so far.

Technical indicators are leaning bullish. Despite the loss of strength in the MACD, the RSI has formed hidden bullish divergence, a strong sign of trend continuation.

Even if TRB were to break down, the price move would likely be bullish as long as it’s trading above the $22 area.

Ascending Support
Chart By TradingView

TRB/BTC

On Jan. 3, TRB reached an all-time low price of 5,040 satoshis. Since then, it has moved slightly upwards but failed to initiate a significant rally.

While the daily RSI has formed considerable bullish divergence and the MACD is increasing, we cannot confidently predict a reversal until it creates a higher low and preferably some sort of ascending support line.

TRB/BTC Low
TRB Chart By TradingView

Conclusion

To conclude, TRB should reclaim the $25 resistance area and gradually increase towards $32. A breakdown from the current ascending support line and the loss of the $22 support area would invalidate this possibility.

For BeInCrypto’s latest Bitcoin (BTC) 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.

Top crypto platforms in the US | April 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored