Tellor Price Skyrockets as Whales Accumulate TRB
Tellor (TRB) has experienced a surge in price, reaching highs of $119 on Monday as a result of increased accumulation by whales. The price surge indicates a potential continuation of the bullish trend for TRB. It is worth noting that Tellor price is currently only 26% away from its all-time high of $164, which was reached in May 2021.
On Monday, TRB price experienced a significant increase as the overall market momentum remained positive for altcoins. According to CoinGecko, TRB price at the time of writing was $117, representing a 15% increase within the past 24 hours. This surge in price occured after TRB surpassed the $110 mark, breaking out from the previous low of $96.
What is Tellor?
Tellor is a decentralized oracle network that utilizes smart contracts on the Ethereum blockchain. The protocol’s oracle feeds enable the integration of off-chain data into smart contracts in a permissionless manner. In the decentralized finance (DeFi) ecosystem, TRB incentivizes data providers to compete for rewards, benefiting the overall efficiency of the system. In addition to Ethereum and Arbitrum, Tellor has now been deployed on the Manta Pacific mainnet and offers integration with the Filecoin Virtual Machine.
Reasons behind the Rise in Tellor (TRB) Price
The recent price surge of TRB can be observed based on the chart below, where the price approached the $120 level. Last week, TRB experienced a rejection at this price level, leading to a four-day decline for the altcoin. However, bulls are now aiming to break this negative streak and establish a bullish trend.
According to Lookonchain, a platform providing on-chain data analysis, whales have been accumulating TRB, which is influencing the price surge. More than 27,400 TRB, equivalent to over $3.18 million, have recently been transferred from the crypto exchange Binance to external wallets. This accumulation pattern indicates increased confidence in TRB, as previously observed during the substantial price increases on October 23 and October 25.
The ongoing accumulation by whales suggests that TRB/USD has the potential to break through its immediate resistance zone. The next major supply wall might be at the all-time high zone above $160. It is important to note that TRB reached its all-time high of $164 in May 2021, meaning that the current price level is only 26% away from that peak.
As the cryptocurrency market experiences various price surges and fluctuations, it is important for investors to stay informed about the latest news and trends in the industry. For the latest updates on cryptocurrency prices, market analysis, and more, visit Uber Crypto News.
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