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The Tellor (TRB) token, a decentralized oracle protocol, has shown remarkable resilience and recovery in the past two weeks, successfully navigating through market uncertainties. This resurgence began at $73 and has since soared by 236%, reaching a remarkable $247.5. This upturn was marked by the breach of a long-anticipated cup and handle pattern, signaling a pivotal trend reversal. Despite this, a recent analysis by a crypto expert on the Cilinix Crypto YouTube channel raised concerns about potential market manipulation, advising caution for new investors in this asset.
Also Read: Top Crypto Analyst Compares Investment Potentials Of Bitcoin (BTC) & Ethereum (ETH)
Is TRB Price Heading to $300?
- The rising TRB price could face potential supply pressure at $285, followed by $300
- The positive alignment in daily EMAs(20, 50, 100, and 200) reflect an bullish trend sentiment
- The intraday trading volume in TRB is $165.4 Million, indicating a 26% loss.
In the broader context of a bullish crypto market and heightened buyer accumulation, the Tellor token price embarked on a robust recovery in late August. Starting at $9.2, the coin’s value skyrocketed by 3268%, currently trading at $248.2.
This period also saw the development of a renowned bullish reversal pattern, the Cup-and-Handle, often observed at major market lows and indicative of strong buyer accumulation and the onset of a new uptrend.
On December 21st, the TRB price broke above the neckline resistance of this pattern at around $142, further fueling market demand. According to this chart pattern, the TRB price might climb an additional 15%, reaching a prospective target of $286.8.
If the recovery extends, the coin could potentially reach as high as $430.
Crypto Analyst Warns For Market Manipulation
The present market sentiment for Tellor token is overwhelmingly positive, yet sustaining a rally of this magnitude typically requires backing by significant developments or news. A recent analysis on the Cilinix Crypto YouTube channel shed light on Tellor’s impressive rally. The analyst acknowledged the coin’s robust price performance and solid fundamentals, such as the increase in open interest and funding rates. However, they raised concerns about indications of market manipulation involving Tellor across various exchanges.
Consequently, there’s a possibility that the TRB price might experience a slight retraction, potentially finding reliable support levels at either $200 or $165.
- Exponential Moving Average (EMA): The 20-day EMA slope could provide robust corrective support to the TRB price.
- The Average Direction Index: The daily ADX slope at 54% reflects the likelihood of buyers losing momentum and a possible significant correction
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