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- 1 Tellor prediction suggests TRB lost the bullish momentum and may spend time in the consolidation.
- 2 The TRB price took support near $80.00 and showed a decent bounce.
- 3 The Tellor crypto price regained the $100 level and buyers tried to sustain above it.
The Tellor price prediction suggests the sellers are getting active so TRB may face difficulty in hitting new highs.
TRB price took support near $80.00 and reversed upward by forming higher high candles. However, it is difficult to interpret whether the bounce back is genuine or just a trap.
At the beginning of November, Tellor token price attempted to break out of the $140.00 barrier. Sadly, the buyers did not succeed and the attempt failed.
TRB price faced rejection and tumbled 25% on November 9, 2023. It triggered the negative sentiment and panicked the existing investors. Later, the price retraced back to the 50-day EMA entered into the consolidation.
After consolidating for a few weeks in a narrow range between $80 to $100. The TRB coin price formed a short-term base and buyers came forward to give a short-term bounce.
Meanwhile, the volume also surges and correlates with the price action indicating the presence of buyers at lower levels. Presently, buyers are trying to hold the recent gains to bring back the confidence of the investors.
Currently, the Tellor price is trading at $109.17 with an intraday uptick of 4.85%. In the last 24 hours the volume to market cap stands at 39.82% denoting liquidity is quite high.
Is the Recent Bounce in Tellor Price Sustainable?
Teller price is highly volatile and frequent spikes are quite normal. It shows that short-term speculators are active.
On the daily time frame chart, the $120 level might act as an immediate hurdle for the bulls followed by the $140 level. If the buyers succeed in taking control of this supply zone, new highs may be visible.
However, if the TRB crypto faces rejection then it may retrace back to the $80.00 level. The analysis suggests the recent bounce in TRB is a mixture of genuine buying and speculative buying. So, till the price holds $100 it remains bullish.
TRB Price is on Recovery Mode
The TRB token price recovered approximately 50% from the recent swing low and regained the $100 mark. However, it will be interesting to see whether the buyers can give back the follow-up momentum or not.
The MACD curve of TRB displayed a positive crossover and the histogram bar is on the rise, indicating mild bullishness. The RSI at 68 sloping upward denotes the strength of bulls and more room for upside is open.
Conclusion
Teller price prediction is mildly bullish for the coming months. However, it will be difficult for buyers to push the price to $140.00. The analysis suggests that as long as the TRB price holds the $100 level, the buyers will remain active, and minor sell-offs may get absorbed.
Technical levels
- Resistance levels: $120.00 and $144.13
- Support levels: $84.79 and $59.16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
