tellor Its price increased by 200% on a monthly basis, including the current week. This increase in price was talked about a lot on social media. While traders continue to ask questions about the direction of the price, technical analysis also attracts attention.
Tellor is an Oracle network valued at $355 million. Network to transfer off-chain data to crypto assets Chainlink competes with. However, Chainlink has performed quite well so far, with a market value of $8.6 billion.
Tellor Coin Price Review
TRB is trading at $141.72, up 198.6% from the local low of $42.73 reached on May 1. With the rise, technical indicators show upward momentum, which investors can see as both a buy and sell signal.
In particular, the RSI is “overbought” with a reading of 81.78. This is a development that usually indicates that the trend is reversing. Moreover, the token is trading almost double above the 30-day exponential moving average (30-EMA) and is currently holding support at $76.48 following a breakout on May 2.
Social indicators are showing bullish momentum for Tellor. This is a detail that will help the trend reverse soon. According to Santiment’s data, TRB is currently the second most notable coin on social media. Artificial intelligence summary of the platform, altcoinHe highlights price action, increased whale activity, and “VIP interest” as reasons why .
As the price continued its rise, social volume and social dominance reached monthly highs of 15% and 0.1%. This proves the trend momentum of the cryptocurrency. But for low-volume cryptocurrencies, peaking social metrics often point to local tops and reversals. However, if the overall trend continues to improve, Tellor could be competitive in the billion-dollar oracle category.
