Resilient Tellor (TRB) Surpasses Market Expectations in May 2024 ๐
In May, Tellor (TRB), a decentralized oracle network, exceeded market expectations by doubling its market capitalization early in the month. From $143.32 million on April 30, TRBโs market value surged to an impressive $247.81 million by the morning of May 7, during Asia market hours. This significant growth aligned with increased crypto whale activity, hinting at potential profit-taking dynamics in the market.
Unpacking Tellorโs Remarkable Market Capitalization Surge ๐
- Data from Santiment showed a spike in crypto whalesโ transactions and active addresses involving TRB.
- On May 6, there were 212 daily active addresses and whale transactions over $100,000, totaling 16.
- This contrasted sharply with only 131 active addresses and no significant whale transactions on May 1.
This increased activity highlights growing investor interest and the potential for profit-taking from TRB in the near future.
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Despite this, crypto analysts maintain positive outlooks on TRBโs price trajectory. Analyst Javon Marks, optimistic about Tellorโs market strength, foresees an ongoing upward trend.
โTRB (Tellor) is showing significant strength after a bullish pattern and may be gearing up for a substantial move of over 315% back to above $261,โ Marks commented.
Reiterating his bullish sentiment, Marks highlighted TRBโs responsiveness to recent patterns, backed by technical observations of higher lows in price action and lower lows in the momentum oscillator, suggesting a bullish trend continuation for TRB.
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As per the latest updates, Tellor is trading at $95.78, marking a 4.7% increase in the last 24 hours. Over the past week, the cumulative price surge has exceeded 70%, indicating a strong upward trend that could persist, as predicted by market experts.
Hot Take: Tellorโs Promising Trajectory Indicates Continued Growth ๐
Amidst increased whale activity and positive market sentiment, Tellor (TRB) has defied expectations in May 2024 with a remarkable surge in market capitalization. The crypto community eagerly watches as TRB continues to display strength and potential for further growth in the coming days. Stay tuned for more exciting developments in the Tellor ecosystem!
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