Tellor (TRB) has exploded +37% amid bullish movements in recent weeks, as the emerging Oracle project makes major gains versus vertical leaders such as Chainlink, how high can Tellor coin go?
Oracles are effectively data-links that connect live external data to smart contracts and blockchains, in the instance of TRB this is focused on the ERC-20 blockchain.
Yet, the dramatic upside move has raised suspicions amongst some in the crypto community, with few apparent catalysts for the major pump leaving some alleging price manipulation.
TRB Price Analysis: As Volume Surges Will Tellor Sink or Swim?
The skyrocketing price action has been driven by a huge surge in 24-hour trading volume which has seen a whopping +257% increase overnight – as TRB volume hits $171m.
Amid the pumping price action, Tellor is currently trading at a market price of $49.80 (representing a 24-hour change of +8%).
This comes following a dramatic rally this week, which has seen the emerging oracle project grind-up 53.9% since Monday.
Technical rally structure appeared following a major ‘golden cross’ pattern on September 6, which saw TRB’s 20DMA smash back above the 200DMA in a sudden skyrocket that has given feet to the impressive +224% move since.
The 200DMA itself has now finally switched to an ascendant trajectory, with the moving average currently sat at $14.60 (-56% the 20DMA which sits high at $33).
With price action now battling psychological resistance at the $50 mark, TRB’s RSI indicator is now ringing the warning bell – with a significant overbought signal at 71.5 – demanding consolidation or retracement here before upside can resume.
However, the MACD remains extremely bullish at 0.84 – spotlighting the absolute flood of trading volume behind the frenzied move.
With everything to play for, TRB looks strong here – in breakout formation – the RSI creates some concern, and this could suggest a period of consolidation below $50 until the 20DMA catches up.
To the upside from here, TRB has a target with a clear break above $50 at $60 (representing a potential +19.83%).
While downside risk could see TRB plummet back down to 20DMA support at $40 (representing a possible -30.1%).
This leaves Tellor coin with a risk: reward ratio of 0.66 – a bad entry characterised by the local rally top – await retracement.
But while TLB holders are weighing up taking profit on major gains, other traders are flocking into an emerging Bitcoin Derivatives presale that offers sensational potential at the next halving event.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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