These Are the Two Possibilities for Tellor’s (TRB) Price as Bulls Form Solid Support

Crypto trader Phoenix ICF sparked a discussion on Twitter recently regarding the potential price movement of Tellor (TRB). Tellor is a decentralized oracle network that provides reliable off-chain data to blockchain systems. Its native token, TRB, has seen significant volatility lately.

TRB price has surged 16% today to around $238. He points out solid support around the $145 level on the weekly chart. According to the trader, this presents two likely possibilities for TRB’s price action going forward.

First Possibility: Retracement to Key Support Level

The first possibility Phoenix ICF lays out is that TRB may retrace back down to test the $145 support level. This would offer a potential buying opportunity for traders looking to get long.

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As Phoenix ICF notes, $145 represents a solid level of previous resistance turned support. There is a cluster of weekly closes in this area going back to July 2022, indicating it is an important zone. If TRB price pulls back to this area, bulls could defend it and catalyze the next leg higher.

Second Possibility: Continued Momentum Higher

The alternative scenario is that TRB maintains its upside momentum without significant pullbacks. Its strong surge today shows bullish conviction which could power further gains in the short term.

Rather than losing steam and retracing, TRB may find continued buying interest to push it to new highs. This would be driven by positive market structure and technical momentum.

As Phoenix ICF says, TRB’s current momentum could be enough to “maintain its ascent” absent major shifts in market conditions.

The Path Forward

Overall, Phoenix ICF lays out a constructive outlook for TRB in either case. Whether the oracle token retraces to a key support level or continues trending upwards, there is room for additional gains. For now, traders will be closely watching to see whether $145 is retested, or if bulls can ignite even more momentum to the upside.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.