The 13.38% drop on the day appears to have truncated Tellor’s recent bullish price forecast. The TBR/USDT pair was coming off a 4-day winning streak that was capped off by a solid price gain of 40.10 on Monday. Attempts to break above the previous highs of May 10, 2022 at 15.11353209 failed as the bears quickly forced the price action back to immediate support.

Coming from all-time highs of 79.31 on November 13, just before the Omicron scare rocked the crypto markets, the pair plunged to new lows on May 27, 2022 after hitting the previous all-time low on October 6. 2020. As a result, the price is only 13% of what it was in mid-November.

Without any fundamental trigger, any bullish price prediction from Tellor will pin its hopes on the new falling wedge pattern. Tuesday’s pullback is an attempt by price action to return to its origin, which is a common occurrence.

The upper boundary of the wedge has been breached, and critical resistance at 8.36928193, turning this price level into support. However, restoring the recovery is dependent on the bulls forcing a rebound at this point. This should be followed by a breakout of the next available resistance to validate Tellor’s bullish price prediction.

Tellor Price Prediction

The large falling wedge on the TRB/USDT daily chart indicates a measured move that targets 26.81142183. To reach this level, the bulls need to initiate a rebound from the current support at 12.23387749. This bounce should result in a move that clears 16.84702443 (10th March low and 30th April high) as well as 21.82922313 (25th March and 20th April high).

On the other hand, a drop below the 12.23387749 support opens the door towards the 8.35928193 support level. The pair drops to new record lows if this new support breaks down. Fibonacci extension levels can act as potential pivots to stop the slide, with 6.49026819 and 4.17334440 (127.2% extension level) serving as immediate candidates to form new support levels.

TRB/USDT: daily chart