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

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In Brief
  • 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

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 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 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.

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 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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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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