Understanding the Reason Behind Tellor (TRB) Price Surge Amidst the Cryptocurrency Downturn

Understanding the Reason Behind Tellor (TRB) Price Surge Amidst the Cryptocurrency Downturn


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.

READ NOW
Secure Your Spot with $YPRED by yPredict: $4M Funding Secured, Presale Price Increase Imminent, Limited Availability

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.

READ NOW
FTX Founder Sam Bankman-Fried’s 21-Day Legal Battle: Facing a Potential 110-Year Jail Term for Fraud

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.

READ NOW
Anticipating Tron’s Price: TRX Bulls Continue to Drive Momentum, Rally Persists
Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

READ NOW
Breaking Free: Altcoin Market Cap Escapes 2.5-Year Pattern
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend