The Tellor (TRB) Price Surges by Over 700% Since August Low
The price of Tellor (TRB) has experienced a significant increase, rising by more than 700% since reaching its yearly low on August 17. This surge has been accompanied by the formation of a parabolic ascending support line. However, it remains to be seen how long this momentum can be sustained.
Tellor Reaches New Yearly High
In just 63 days, the TRB price has skyrocketed by 760%, reaching a new yearly high of $85. This milestone is particularly significant as it marks the highest price seen in almost 900 days. Additionally, TRB managed to reclaim the $80 horizontal resistance area that had been in place since May 2021.
Whale Activity and Potential Supply Shock
An interesting development during this price increase has been the significant whale activity. Recently, several whale wallets withdrew millions of dollars worth of TRB from centralized exchanges. These massive withdrawals could potentially result in a supply shock for the cryptocurrency.
Bullish Outlook Supported by RSI
The weekly Relative Strength Index (RSI) suggests a bullish outlook for TRB. The RSI is an important momentum indicator used by traders to assess market conditions and make decisions regarding asset accumulation or sale. Currently, the RSI for TRB is above 50 and increasing, indicating a bullish trend. However, it’s worth noting that the RSI is deep into overbought territory and has reached an all-time high of 90.
TRB Price Prediction: How Long Will the Increase Continue?
From a technical analysis perspective, the parabolic nature of the TRB price increase since August indicates that it may not be sustainable in the long term. However, if the parabolic ascending support line remains intact, the increase could continue. There are key resistance levels between $104.50 and $108.50 that may act as a potential top if TRB reaches that range. The daily RSI also supports the continuation of the upward movement.
Hot Take: TRB Price Surge Shows No Signs of Slowing Down
The recent surge in the price of Tellor (TRB) has been nothing short of remarkable, with gains of over 700% since August. The cryptocurrency has reached a new yearly high and reclaimed important resistance levels along the way. Whale activity and potential supply shocks add an element of excitement to this rally.
While sustainability is a concern, technical indicators like the RSI suggest that the bullish trend could continue. However, caution is advised as TRB is currently in overbought territory. It will be interesting to see how long this impressive price surge can be maintained.
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