Tellor (TRB) Price Bounces Back After Extended Decline: Multiple Resistances Suggest Spike Could Be Short-lived
The price of Tellor (TRB) got a major boost today, with a more than 10% spike so far. This is coming after a long decline and a few days of price consolidation.
The increase could be described as highly anticipated as the support has been tested more than six times in the past.
It is just natural that the buying pressure will increase once the support holds again.
The TRB price is still within a descending trendline, and as a result, this may not be the start of a major spike.
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The move could be a retracement to the descending trendline. The relative strength index is at 50, and it is neither overbought nor oversold.
The 50-day and 100-day simple moving averages are above the price, and they could potentially form resistances against further price growth in the short term.
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