A decentralized oracle protocol Tellor, It has successfully navigated through market uncertainties in the last two weeks. In this context, it has shown remarkable resilience and recovery. This revival started at $73. It has since risen 236% to $247.5.
This rise became evident with the break of the long-awaited cup and handle formation. Additionally, it marked a significant trend reversal. Despite this, a recent analysis by a crypto expert on the Cilinix Crypto YouTube channel has raised concerns about potential market manipulation. Additionally, he advised new investors in this asset to be careful.
Is TRB Price Heading Towards $300?
- Rising TRB price might face potential supply pressure near $285 and then $300.
- The positive alignment at the daily EMAs (20, 50, 100 and 200) reflects bullish sentiment.
- Intraday trading volume in TRB is $165.4 Million, indicating a loss of 26%.
a rising one crypto- In the context of market and increasing buyer accumulation, the Tellor token price entered a strong recovery in late August. The value of the coin increased by 3268%, starting from $9.2. It is currently trading at $248.2.
During this period, the Cup and Handle pattern also developed, a famous bullish reversal pattern that is often seen at market lows and is indicative of a strong buyer accumulation and the beginning of a new uptrend.
On December 21, TRB price broke above this formation’s neckline resistance near $142, further increasing market demand. According to this chart formation, TRB price could rise another 15% to reach a possible target of $286.8.
If improvement continues, altcoin could potentially reach up to $430.
Crypto Analyst Warns of Market Manipulation
Current market sentiment for the Tellor token is extremely positive. However, sustaining a rally of this size usually requires support from significant developments or news. A recent analysis on the Cilinix Crypto YouTube channel shed light on Tellor’s impressive rally. The analyst acknowledged the coin’s solid price performance and solid fundamentals such as the increase in open interest and funding rates. However, they have raised concerns about indicators of market manipulation involving Tellor on various exchanges.
As a result, there is a possibility that TRB price may experience a slight pullback and potentially find reliable support levels at $200 or $165.
- Exponential Moving Average (EMA): The 20-day EMA slope could provide solid corrective support to TRB price.
- Average Directional Index: The daily ADX slope of 54 reflects the possibility of buyers losing momentum and a possible significant correction.