Price Surge for Tellor Amid Market Manipulation Concerns
Tellor, the native token of the decentralized oracle protocol, has experienced significant price fluctuations recently, including a substantial rally followed by crashes attributed to market manipulation. In the past 24 hours, the price of Tellor (TRB) surged by over 25%, reaching $169.71.
The Role of Oracles in the Blockchain Ecosystem
Oracles, such as Tellor, play a crucial role in the blockchain ecosystem by providing external data to smart contracts. This enables these contracts to access real-world information, such as price feeds. Validators on the Tellor network, known as reporters, compete to add data on-chain and earn rewards in TRB tokens.
Market Manipulation Allegations
A crypto analyst from Cilinix Crypto YouTube channel has raised concerns about market manipulation affecting Tellor’s price. The analyst highlighted the token’s significant rally from $10 to $140, as well as subsequent spikes and drops. While current technical indicators suggest an upward trend, caution is advised due to the asset’s volatility.
Potential Price Targets and Cautionary Note
If Tellor can break through resistance at around $185, the analyst believes it could reach as high as $215 based on historical price performance. However, it is important to note that sudden crashes are always a possibility with such a volatile asset. The analyst also warns traders about potential manipulation by whales and advises exercising caution when trading Tellor.
Hot Take: Exercise Caution Amidst Market Manipulation Allegations
The recent surge in Tellor’s price has raised concerns about market manipulation within the cryptocurrency space. While there is optimism for further growth based on technical indicators and historical performance, it is crucial to approach trading with caution. The potential for sudden crashes and manipulation by large volume holders highlights the need for careful decision-making and risk management when dealing with volatile assets like Tellor.
By
By
By
By