TRB, RLC and DIA : Oracle Tokens Validate Long-Term Support Levels

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In Brief
  • TRB has bounced at a long-term ascending support line.

  • RLC is attempting to break out from the $4.40 horizontal resistance area.

  • DIA has generated bullish divergence.

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Tellor (TRB) has bounced at an ascending support line, but has failed to confirm its bullish trend. iExec RLC (RLC) is attempting to break out from the horizontal resistance level at $4.40. DIA (DIA) has bounced at a long-term ascending support line and is showing bullish reversal signs.

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TRB

TRB decreased considerably after reaching an all-time high price of $164.05 on May 10. It fell by 79.40% in only 13 days, culminating with a low of $33.77 on May 23. It has been moving upwards since. 

The low validated a long-term ascending support line, in place since Dec. 2020. Afterwards, the token created a higher low on June 12, validating the line once more (green icon). 

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Despite the bounce, technical indicators are providing mixed signs. While the MACD is increasing, it is not positive yet. In addition, the RSI is still below 50 while the Stochastic oscillator has made a bearish cross.

Chart By TradingView

The two-hour chart shows that TRB has bounced at the 0.786 Fib retracement support level (green icon). However, similar to the daily time-frame, technical indicators provide a mixed outlook.

Despite this, the decrease looks like an A-B-C corrective structure, which ended  with the aforementioned bounce. In this case, an upward move towards the closest resistance area of $83.4 would be expected. This is the 0.382 Fib retracement resistance level (white). 

However, the direction of the longer-term trend cannot be determined.

Chart By TradingView

Highlights

  • TRB is following an ascending support line.
  • Technical indicators are neutral.

RLC

RLC reached a low of $3.1 on May 19, but bounced almost immediately afterwards. The upward movement was sharp, leading to a high of $8.93 only two days later. 

However, RLC has been falling alongside a descending resistance line since. On June 8, it broke down below the $4.40 area, which had been acting as support (green icon). 

However, the token initiated another upward movement and broke out on June 13, making a breakout attempt the next day. However, it was rejected by the $4.40 area (red icon), which is now acting as resistance. 

Technical indicators are neutral/bullish. The RSI is attempting to move above 50 but has not yet done so. The MACD is moving upwards but has lost strength.

At the time of writing, we cannot determine whether RLC will break out or not.

Chart By TradingView

Highlights

  • RLC is facing resistance at $4.40
  • It has broken out from a descending resistance line.

DIA

DIA has been falling since it reached an all-time high price of $5.8. The drop continued until a low of $1.25 was reached on May 23. The token has been moving upwards since. 

The May 23 low validated an ascending support line that has been in place since Oct. 2020. On June 12, DIA created its first higher low. 

Both the RSI & MACD have generated bullish divergence. This is a strong sign of a bullish reversal. Therefore, the most likely movement would have the token increasing towards the $3 resistance area, which is the 0.382 Fib retracement resistance level.

Chart By TradingView

Highlights

  • DIA is following an ascending support line.
  • There is resistance near $3.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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