Tellor Achieves 50 Dollars Milestone for the First Time Since 2021 – Will 60 Dollars Be the Next Stop?

Crypto News– Tellor achieves 50 dollars milestone for the first time since 2021: Tellor (TRB) has undoubtedly emerged as one of the standout performers in the cryptocurrency market since the onset of September. Over this short period, TRB has managed to record an impressive surge in price, boasting a remarkable 235% increase. This impressive rally reached its zenith on September 27, as TRB touched a new annual peak at $53.

Tellor Achieves 50 Dollars Milestone for the First Time Since 2021 – Will 60 Dollars Be the Next Stop?

The catalyst for this significant surge was Tellor’s breakout from a symmetrical triangle pattern, a move that injected fresh vigor into its upward trajectory. Notably, the price of TRB has been on a rapid ascent throughout September, making it an asset of particular interest among crypto enthusiasts and traders.

Remarkably, within a mere span of 26 days, TRB’s value soared by an astounding 235%. Such a meteoric rise culminated in a high-water mark of $53 on September 27, a price level that hadn’t been seen since November 2021.

One noteworthy aspect of this impressive rally is the fact that it has been contained within the confines of a parabolic ascending support trendline. While parabolic trends are inherently unsustainable over the long term, they can indeed offer robust support for an ongoing upward trajectory, provided that the price does not breach this trendline to the downside.

Taking a closer look at the technical indicators, the daily Relative Strength Index (RSI) suggests that a local top may be imminent. RSI is a valuable momentum indicator used by traders to assess whether a market is overbought or oversold, thereby aiding in the decision-making process of whether to accumulate or sell an asset.

In the case of TRB, bulls are currently holding the upper hand, as the RSI reading stands above the critical 50 threshold, and the overall trend remains upward. This signifies a bullish sentiment in the market. However, it’s worth noting that a notable bearish divergence has materialized over the past two weeks, as indicated by the green line on the RSI chart.

A bearish divergence occurs when a decline in momentum coincides with a rise in price. This development often serves as a warning sign associated with local market tops. Thus, while the current momentum remains positive, traders should be cautious and vigilant, as the bearish divergence suggests a degree of vulnerability in the ongoing bullish trend. Monitoring these indicators and being responsive to market dynamics will be crucial for those navigating the TRB market in the coming days.

Analyzing TRB Price: Wave Pattern Indicates Potential Near-Term High

Technical analysts employ the Elliott Wave (EW) theory as a valuable tool to discern recurrent long-term price patterns and gain insights into investor psychology, ultimately bolstering their capacity to forecast the trajectory of a market trend.

In accordance with EW theory, the current price action can be characterized as the fifth and final wave of an upward movement. A prominent feature within this wave is the emergence of a symmetrical triangle pattern during the fourth wave.

This symmetrical triangle pattern is a prevalent occurrence within this wave, lending credence to the notion that this is indeed the correct wave count. Under this scenario, it is conceivable that TRB could attain a local peak within the price range of $58 to $60. This target is substantiated by the confluence of the 1.61 external Fibonacci retracement level of wave four (depicted in black) and the 0.618 length of waves one and three (illustrated in white). Importantly, this level represents an approximately 20% upswing from the current market price.

The fundamental concept underpinning Fibonacci retracement levels posits that following a substantial price movement in one direction, the price tends to retrace or revert partially to a prior price level before resuming its original trajectory. These retracement levels serve as valuable reference points for identifying potential peaks in future upward movements.