Tellor (TRB) Price Rally: What’s Driving It?
Tellor (TRB) has experienced a whole lot of price rally, reaching a new peak of $35. This decentralized oracle protocol integrates off-chain data into on-chain smart contracts. The rally began after SWIFT Network announced the completion of dress rehearsals to leverage Chainlink’s oracle infrastructure. On-chain data implies that short-term speculators are driving the TRB price rally, with an increase of over 2,000% in TRB tokens held by these traders. Nonetheless, long-term investors and partners of the Tellor protocol have been closing their positions, indicating that the rally could be driven more by speculative trading than organic growth. Without continued support and growth in network demand, the price could struggle to sustain its upward momentum.
TRB Traders Holding Out for More Gains
Tellor traders are still seeking more gains regardless of the recent rally. On-chain data shows a decline in TRB exchange reserves as investors move their tokens out of exchanges. This reduction in exchange balances implies that holders may refrain from selling in the short term. If this trend continues, the TRB price could see further gains. Nonetheless, sustained growth in network activity and support from long-term investors are critical for maintaining the rally.
TRB Price Prediction: All Eyes on $20 Support
In the event of a price correction, TRB bulls could regroup around the $20 level of support. The In/Out of Money Around Price (IOMAP) data confirms this stance, showing that $20 is as of now the largest cluster of TRB holders’ entry point. A rebound may be triggered if exchange reserves remain low. Nonetheless, if speculative traders book profits early as predicted, the price could retrace further towards $14. Conversely, if network traction significantly boosts the TRB bulls, the rally could accomplish the $50 range. Initial resistance could be encountered at $42, but if surpassed, the price could head towards reclaiming $50.
Hot Take: Will the TRB Rally Continue?
The ongoing Tellor (TRB) price rally has been driven by short-term speculators, resulting in a whole lot of increase in TRB tokens held by these traders. Nonetheless, long-term investors and partners have been closing their positions, suggesting that the rally could be fueled by speculative trading rather than organic growth. The decline in TRB exchange reserves indicates that holders may continue to hold out for more gains. Future of the the rally depends on sustained network demand and support from long-term investors. If these factors are not met, the price could struggle to sustain its upward momentum. Only time will tell if the TRB rally will continue or if a correction is imminent.
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