Tellor (TRB) Price Breaks Important Support, Is A Sell-off Happening?
The price of Tellor (TRB) is showing signs that a top has been formed. Nevertheless, a short-term recovery may occur before a further decline.
Breaking the key level of the uptrend
The price of Tellor (TRB) has surged rapidly since late August. In 83 days, the price has increased by 1500%, retesting resistance at the all-time high of $145 on November 8. This is an outstanding surge compared to most other cryptocurrencies in the market.
On November 9th, the TRB price experienced a significant sell-off (red arrow) and lost the key level of the uptrend at $99 the following day.
This incident indicates that the uptrend may have ended, and the price could be starting a deep correction or a new downtrend.
The daily RSI (Relative Strength Index) has produced a significant bearish divergence before the price dropped and is below 50. Both are bearish signals, supporting the possibility that the TRB price has reached its top.
If so, the TRB price could decline further by 31.62% to the previous peak zone at $61.
Short-term Outlook
Despite the bearish outlook from the daily timeframe, the 4-hour chart suggests a short-term recovery might occur.
It shows that the TRB price has bounced up from a minor support zone at $80 and formed a higher low yesterday (green arrow). This indicates that the bulls are attempting a comeback.
The 4-hour RSI supports this possibility by creating a bullish divergence and being above 50.
Therefore, the TRB price is likely to retest the previous support zone at $99 in the coming days.
Conclusion
The most likely scenario suggests that the TRB price has formed a top, and a deep correction may occur.
However, it could rise to $99 in the short term before resuming the decline.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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