Tellor Reaches 12-month High, Is a Correction Looming?

Bullish momentum in the Tellor (TRB) market faltered early in the day, retreating from $117.06 to a low of $111.78 before recovering support and resuming the ascent back into the $115 level. The price movement implies that there may be substantial purchasing activity at this level, suggesting that the bulls may prolong the rally.

Bulls considerably increased the TRB price to a 12-month high of $126.26, confirming the market’s optimistic solid mood. At press time, the TRB price exchanged hands at $125.6, a 7.88% increase from the intra-day low.

TRB/USD 24-hour price chart (source: CoinStats)

In addition, this uptick coincides with significant whale activity, as an investor with the address 0xc75 made a substantial buy from Binance, amassing 42,742 TRB. The average purchase price was $116.8, resulting in a $4.99 million profit in under five hours.

🚨 Fresh whale 0xc75 accumulated 42,742 $TRB ($4.99M) from #Binance at an average price of $116.8 in the past 5 hours.

Notably, the $TRB price reached its one-year high today at $125!

👉 More details: https://t.co/yNYlNirCnd

Need the beta code? Join our Discord to get one:… pic.twitter.com/y4a3TjMlwU

— Spot On Chain (@spotonchain) November 6, 2023

Furthermore, this whale’s acquisition reflects greater confidence in TRB’s market position. The TRB’s market capitalization and 24-hour trading volume, on the other hand, increased by 7.33% and 23.06%, to $313,177,319 and $74,339,459, respectively.

TRB/USD Technical Analysis

On the TRBUSD price chart, the Keltner Channel bands are moving higher, with the upper, middle, and lower bands touching $125.3650644, $116.5120379, and $107.6325092, respectively. This Keltner Channel pattern illustrates the TRBUSD market’s upbeat mood. However, with the price action in the upper band generating red candlesticks, it signals a potential resistance level and a probable correction shortly.

In addition to indicating a possible retreat, the Money Flow Index rating of 78.47 indicates overbought conditions in the TRBUSD market. This increases the likelihood of a downturn, as traders may begin taking gains and dumping their holdings. As a result, traders may consider using stop-loss orders or risk-management strategies to safeguard their profits in a market reversal.

TRB/USD 3-hour price chart (source: TradingView)

With the Bull Bear Power (BBP) moving in positive territory with a reading of 14.8356440, purchasing pressure is present in the TRBUSD market. If the BBP remains in positive territory or rises higher, it might imply that purchasing pressure is increasing since it might lead to an additional market upward momentum.

The Relative Strength Index (RSI) of 64.34 and a move to the south could indicate that the TRBUSD market is reaching overbought conditions. If the RSI continues to fall, it might signal a reversal of the positive trend and a move toward negative sentiment. However, the fact that the RSI is still over 50 indicates that there is still some purchasing pressure in the market.

TRB/USD 3-hour price chart (source: TradingView)

In conclusion, Tellor (TRB) is riding high with bullish momentum, but caution is warranted as overbought indicators and potential resistance levels suggest a possible correction ahead.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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