Decoding Tellor (TRB) Price Structure!

1 thg 8

Currently, the price action has shown bear dominance since the start of 2024 and was struggling near multiple hurdles, but on-chain and various analysts showcased bullish enthusiasm. Which created an uncertainty in the price of TRB.

Over the past structure, on 31st December 2023, a day before 2024's beginning. The Teller (TRB) has peaked more than 6000%, from a registered low of $7.43 to a $515 peak.

However, instability led to degradation that led to the forming of support on May 1st, 2024, at the $44 support level. the price surged but deflected back from trendline resistance, which fell to $65 by July 10th, 2024.

The recent manifested gains of 15% have been stopped from growing further, as 50-day and 200-day EMA's are in the way, with a coinciding downward trendline. MACD showed histogram minor growth at 0.85, and RSI moved above 14-SMA at 47.40.

Therefore, based on continued bear pressure, the supports could hold the price at $65, and $44, respectively.

On the contrary, if things go bullish with growing numbers in on-chain, analysts' tweets, and off-chain stats. The price could see a bullish ascent towards $107 and $133, respectively. Overall, the sentiment of the asset appears uncertain, until the confirmations in price are observed. So, investors, and traders must be cautious (DYOR).