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- TELLOR PRICE SURGED MORE THAN 80% IN A WEEK AND REACHED THE LEVEL $30.
- TELLOR REACHED THE 52-WEEK HIGH LEVELS AND CROSSED THE MAJOR RESISTANCE LEVELS OF 21-22.
- SAW A RISE OF 51% IN A SINGLE DAY WHICH IS EXTREMELY BULLISH.
MARKET CAPITAL OF TELLER ( TRB ) – $ 46.51 M
CURRENT MARKET CAPITAL OF TELLOR (TRB) – $ 26. 38
As we can see the TRB price was moving in a tight range for 1 year and it created a base there at the support levels, the stock broke the downward-sloping trendline in June but failed to gain the necessary momentum. TRB started moving on 26 August 2023 when it surged 13% in a single day which boosted the confidence of the buyers at that level which invited the buyers and the result of it the price surged almost 30% on the next day which is a super bullish sign.
TELLOR price then consolidated in a sideward to an upward trend and again after the consolidation it showed a massive rally on the upside and surged significantly by 51% in a day which itself means the price is super bullish at these levels too. Now as per the chart, the price can face the resistance near the level of $ 36 and if it crosses this level then the next resistance can be faced near $ 46.
If we look at the support levels then it is present at $20 and then at $9 but as per the price action, the second support is far away from reach in the near term.
Now as we can see the price didn’t respect the previous resistance levels so it is possible that the levels will act as support to the price now. Tellor is making a super bullish candle on a daily time frame which indicates that the counter is witnessing a strong buying at every level. The price is trading way above the three major EMAs i.e. 50, 100, and 200 which currently stand at $ 13.59, $12. 73 and $ 13.08 respectively which is way below the current price.
IS THE PRICE HEADING TOWARD $ 40?
As per the current momentum, the price can achieve any near levels in no time but we should consider the fact that the price should consolidate before the next upmove for the stability of the price otherwise if it reaches the levels aggressively then when the profit booking starts the price will fall heavily too.
If we look in the 1 hour time frame the stock was facing a rejection near the levels $ 19 -18 and with the rising support levels mentioned as a trendline in the chart it successfully gave a breakout from that level and showed a good up move. Now that resistance will act as a support along with the rising trendline.
https://www.tradingview.com/chart/ruBma0Io/?symbol=CRYPTO%3ATRBUSD
CONCLUSION
The price is strongly bullish in trend and breaking major resistance levels with ease so we can conclude that the price can consolidate here and resume its journey towards $40 in real time.
The price is now very volatile and looking very stretched so a correction is needed for the stability.
PAST PERFORMANCE
1 WEEK– 84.45 %
1 MONTH – 136.12 %
1 YEAR – 58.69 %
TECHNICAL LEVELS
- RESISTANCE – $ 36 – $ 44
- SUPPORT- $20 – $17
DISCLAIMER
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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