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

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Written by
Valdrin Tahiri

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Edited by
Kyle Baird

16 November 2020 10:01 UTC
Trusted
  • TRB is in the process of breaking out from the $26 resistance area.
  • Technical indicators are bullish.
  • The price has broken out from a short-term symmetrical triangle.
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The Tellor (TRB) price is in the process of breaking out from a horizontal resistance level at $26. The price is expected to be successful in breaking out and eventually move towards the next closest resistance 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

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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.

TRB Ongoing Breakout
TRB Chart By TradingView

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.

TRB Technical Indicators
TRB Chart By TradingView

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.

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TRB Breakout
Source: Twitter

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.

TRB Ongoing Breakout
TRB Chart By TradingView

Conclusion

TRB is expected to continue its upward movement and gradually increase towards $46 with intermittent retracements along the way.

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Disclaimer

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