Tellor (TRB) price has increased by over 700% since its yearly low on August 17th. The surge followed a parabolic rising support line. Will the TRB momentum continue?
760% Increase in TRB
TRB price has experienced a rapid increase since the end of August. Within 63 days, the price has increased by 760% and reached $85 today, which is the highest level in a year. The altcoin regained the $80 horizontal resistance area that has been in place since May 2021.
During the surge, there has also been whale activity. On October 20th, a group of whale wallets withdrew $9.50 million from centralized exchanges. Today, two other wallets withdrew approximately $2 million worth of TRB from OKX and Binance exchanges.
Such large withdrawals from centralized exchanges can catalyze a supply shock. The weekly relative strength index (RSI) presents a bullish outlook. When assessing market conditions, analysts use RSI as a momentum indicator to determine whether the market is overbought or oversold and whether a token should be accumulated or sold.
If the RSI value is above 50 and the trend is upward, the bulls are still advantageous, but if the reading is below 50, the opposite is true. If the RSI is above 50 and rising, both can be signs of an upward trend.
Expert Opinion on TRB
However, the indicator has reached the depths of the overbought zone and reached 90, which is an all-time high level. According to experts, technical analysis on the daily timeframe in the cryptocurrency unit shows that the increase since the end of August has been parabolic. Although this is unsustainable in the long term, if the parabolic rising support line remains strong, the upward trend may continue.
If the level holds firm, there is a combination of resistances between $104.50 and $108.50 in the token. The resistances in the token are created by the 0.618 Fibonacci retracement level of all the declines since the all-time high and the 2.61 Fibonacci level of the most recent decline.
Therefore, if the Tellor price reaches there, it could potentially act as a significant peak. The area is above 30% of the current price. Additionally, the daily RSI supports the continuation of the upward movement.