Tellor Tributes (TRB) Price Increased More Than 400% In 3 Weeks, Is It Time To Reverse?
The price of Tellor Tributes (TRB) has reached long-term resistance and is showing short-term bearish signs. It is likely to decline in the near future.
Bearish Divergence
The price of Tellor Tributes (TRB) has increased by over 400% since August 26. This action pushed the price above the $21 resistance level and towards the critical resistance at $46.
This move has driven the daily RSI indicator deep into overbought territory, suggesting that bullish momentum has been overextended in the short term.
An important point to note is that the RSI indicator has formed a significant bearish divergence (red line). This is a bearish signal that often occurs at the end of an uptrend.
This signal is stronger as the price approaches a significant resistance level after a strong rally.
Therefore, the TRB price is likely to decline in the coming days, with a potential target of $21.
Short-Term Outlook
The hourly chart shows that bears are selling heavily at the $46 resistance level. This is evident through two large red candlesticks on the chart (red arrows).
The hourly RSI indicator has also created a bearish divergence and dropped below 50, signaling weakening bullish momentum.
The nearest minor support level to watch is $36, the low of the recent bullish pin bar candle.
Breaking this level could trigger a sharp decline to $21.
Conclusion
Technical prospects suggest that the TRB price may decline to $21 in the near future. Selling pressure will increase if the $36 level is breached.
This bearish view could be invalidated if the price breaks above the $46 resistance level.
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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