Crypto Analysis: Tellor (TRB) Surges 235% in September, Eyeing Potential Local Top and Future Projections

Crypto Analysis: Tellor (TRB) Surges 235% in September, Eyeing Potential Local Top and Future Projections

Crypto News – Tellor, a cryptocurrency, has showcased remarkable performance throughout September, experiencing a staggering 235% surge in its price. This upward trajectory reached its zenith on September 27, marking a new yearly high at $53.

The surge was notably propelled by Tellor’s breakout from a symmetrical triangle, amplifying its momentum, particularly on September 27.

Tellor’s Price Hits a New Peak for the Year The price of TRB has seen an exponential surge since the commencement of September. Within a mere 26 days, the price witnessed an impressive 235% escalation.

This surge climaxed with a peak of $53 on September 27, a level not seen since November 2021.

The entire ascent has been encapsulated within a parabolic ascending support trendline. While acknowledging the unsustainability of such trendlines in the long term, they nevertheless provide a bolstering effect on an upward trend as long as the price remains above them.

Daily RSI Signals Proximity of a Local Peak Utilizing the daily Relative Strength Index (RSI) as a momentum indicator, traders can discern whether a market is in an overbought or oversold condition, aiding in strategic decisions regarding asset accumulation or selling.

In the context of an upward trend, a reading above 50 on the RSI favors the bulls, while the opposite holds true for readings below 50.

Presently, the RSI indicator stands above 50 and is on the rise, indicating a bullish trend. However, it’s crucial to note a significant bearish divergence that has materialized over the past fortnight, as indicated by the green line. Such divergences typically precede local tops.

Predicting TRB’s Price Movement: Analyzing Wave Counts for Potential Local Peaks Technical analysts heavily rely on the Elliott Wave (EW) theory to discern recurrent long-term price patterns and understand investor psychology, aiding in forecasting market trends.

Based on the EW theory, the current price appears to be in the fifth and final wave of an upward movement. Notably, this phase is characterized by the presence of a symmetrical triangle in the fourth wave, a common pattern in this context, lending credence to this wave count.

In this scenario, TRB could potentially attain a local peak within the range of $58-$60. This projection is determined by the 1.61 external Fibonacci retracement of the fourth wave (black) and the 0.618 length of waves one and three (white), presenting a 20% increase from the current price.

The fundamental principle behind Fibonacci retracement levels posits that following a substantial price movement in one direction, a partial retracement to a previous price level is likely before a continuation in the initial direction. These retracement levels serve as valuable indicators for identifying potential peaks of future upward movements. If the wave extends further, the subsequent probable peak could lie between $72.50 and $76, representing a 50% increase from the current price.