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.
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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.