Is TRB Price Heading to $300?
The rising price of the Tellor (TRB) token may encounter some resistance at $285 and $300. However, the alignment of daily Exponential Moving Averages (EMAs) suggests a bullish trend sentiment. The intraday trading volume for TRB is currently at $165.4 million, indicating a 26% loss.
In late August, amidst a bullish crypto market and increased buyer accumulation, the Tellor token price experienced a strong recovery. Starting at $9.2, the price skyrocketed by 3268% and is now trading at $248.2.
This recovery also coincided with the formation of the Cup-and-Handle pattern, which indicates strong buyer accumulation and the beginning of an uptrend.
On December 21st, the TRB price broke above the neckline resistance of this pattern at around $142, fueling further market demand. Based on this chart pattern, the TRB price has the potential to climb another 15%, reaching a target of $286.8. If the recovery continues, it could even reach as high as $430.
Crypto Analyst Warns For Market Manipulation
The current market sentiment for Tellor token is positive, but sustaining such a rally usually requires significant developments or news. A recent analysis on the Cilinix Crypto YouTube channel raised concerns about potential market manipulation involving Tellor across various exchanges. While acknowledging the coin’s strong price performance and solid fundamentals, the analyst highlighted indications of manipulation.
As a result, there is a possibility that the TRB price may experience a slight retraction, finding support levels at $200 or $165. The 20-day EMA slope could provide support to the TRB price, and the daily Average Direction Index (ADX) slope at 54% suggests a potential loss of momentum and significant correction.
Hot Take: Potential Upside with Caution
The Tellor (TRB) token has shown resilience and recovery in recent weeks, reaching impressive price levels. However, caution is advised due to concerns about potential market manipulation raised by a crypto expert. While the TRB price may continue to rise, it could also experience a slight retraction. Keep an eye on support levels and pay attention to any significant developments or news that may impact the market sentiment for TRB.
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