Tellor (TRB) Price Analysis: Can it Reclaim $50?
Tellor (TRB) price has bounced back to the $40 territory after a major retracement, and there are indicators that suggest it may be able to reclaim the $50 level. TRB is a decentralized oracle protocol that integrates off-chain data into on-chain smart contracts. As investors have shifted their focus to Real World Assets (RWA), TRB and other decentralized oracle projects like Chainlink (LINK) have seen significant gains.
Tellor Speculative Traders Scaling Down Activity
Derivatives market data shows that speculative traders in TRB futures are scaling down their activity. While TRB’s price has rebounded by 53%, futures traders have only increased their capital inflows by 21%. This suggests that the current rally may be driven by short sellers covering their positions due to the rapid price increase.
TRB Network Struggling to Attract New Participants
The Tellor network is struggling to attract new participants amid market volatility. On-chain data shows a decline in new TRB wallet addresses created, indicating that the rally is driven by existing investors rather than new demand. Without attracting new participants and capital, the price rally may be short-lived.
TRB Price Prediction: All Eyes on $20 Support
On-chain indicators and derivatives market data suggest an imminent TRB price retracement. The In/Out of Money Around Price data shows that the most significant support level for TRB is around $20. If new demand does not materialize, TRB could lose support levels at $30.
Hot Take: Can TRB Reclaim $50?
While there are indicators that suggest TRB may be able to reclaim $50, it is important for the project to attract new participants and capital inflows. Without sustained investor participation, the current rally may not be sustainable, and TRB could experience a sharp retracement. It remains to be seen if TRB can overcome these challenges and reach the $50 level.
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