An altcoin that has increased 4x in the last three weeks is on the agenda in the cryptocurrency world. We’re talking Teller Tributes. TRB continues to attract attention. But now short-term bear signals point to a decline to $21. Let’s look at the details.
Altcoin TRB faces bearish signs amid long-term resistance
Altcoin Tellor Tributes (TRB) is up more than 400% since August 26. Accordingly, it had an impressive rally. This increase pushed the price above the $21 resistance level. Thus, it targeted a critical hurdle of $46. However, the cryptocurrency is now facing potential short-term bearish signals indicating an impending decline.
The latest price increase of altcoin TRB is remarkable. However, it is important to note that it has pushed the daily Relative Strength Index (RSI) deep into the overbought zone. Such a situation typically indicates that bullish momentum has become overextended in the short term.
matter of concern
One important aspect of concern is that a significant bearish divergence (highlighted by the red line) has formed in the RSI indicator for the altcoin. Bearish divergences usually signal the end of an uptrend. On the other hand, this signal gains strength when the price approaches a critical resistance level after a strong rally.
Considering these indicators, the price of altcoin TRB is likely to experience a decline in the coming days, potentially targeting the $21 level.
Short-term business outlook
A closer look at the hourly chart shows that sellers are quite active near the $46 resistance level, as evidenced by two prominent red candlesticks (marked with red arrows). Additionally, the hourly RSI has also created a bearish divergence. Accordingly, it fell below the 50 level, indicating that the upward momentum was weakening.
In terms of support, the closest minor level to watch is $36. Accordingly, the rise represents the last low marked by the pin bar candle. Breaking this level will trigger a sharp downward move for altcoin TRB towards the $21 support.
Danger signals for altcoin
According to technical analysis, the short-term outlook for altcoin TRB is remarkable. It indicates the potential for the price to drop below $21. If the $36 support level is exceeded, the downtrend will gain momentum. However, a bullish scenario will emerge if TRB manages to climb above the $46 resistance level. On the other hand, it is important to be cautious as this situation may invalidate the current bearish view. When we look at it from Kriptokoin.com, what happens next for TRB seems like a surprise.
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