- Tellor coin’s OI has increased by 70% in a day.
- Tellor has given a return of over 217% in a year.
- Tellor’s (TRB) market volume is 167 Million.
Tellor is a decentralized oracle protocol that plays a crucial role in blockchain infrastructure. It facilitates updating valuable off-chain data, which becomes accessible for on-chain smart contracts. Tellor’s Oracle system allows for data retrieval, validation, and on-chain placement without permission. Data reporters actively participate and compete for TRB incentives, contributing essential off-chain information to various DeFi applications within the blockchain ecosystem.
Tellor (TRB) coin is trading in an uptrend and is forming a lower lows structure.
The TRB coin is currently trading at $49.55, with an increase of 9.2% in today’s market session. The coin has performed well, delivering a remarkable 55% gain in two days.
The Open Interest (OI) for Tellor has surged to $354 million, marking a staggering 70% increase within the last 24 hours. This substantial rise in OI indicates increased buyer activity. Additionally, the average trading volume, as reported by CoinGlass, has surged by 409% during today’s market session, reflecting a surge in market participation.
Tellor’s price peaked at $166.10 in May 2021, after which it experienced a significant 96% decline by the end of May 2022. Fortunately, the price found strong support at the $7.6 level, initiating an upward trend.
The price movement of Tellor recently formed an ascending triangle pattern, which is considered a bullish sign. Notably, the price has broken out from this pattern with a substantial surge. Over the past three months, the coin has delivered an impressive return of more than 239%. The overall structure of the coin appears to be quite positive, hinting at the potential for further upward movement in the coming days.
Tellor (TRB) Technical Analysis
TRB by writer50_tcr on TradingView.com
The current trading price of the Tellor (TRB) coin reveals that its price is positioned above both the 100-day and 200-day EMA levels. This alignment is considered a positive signal, increasing the likelihood of a price increase in the coming days.
Regarding the MACD indicator, the MACD line is currently situated above the signal line, accompanied by a green histogram. These factors collectively convey a positive sign, indicating the potential for a price surge shortly.
The RSI is overbought, with a reading near the 80 level. This signifies a positive zone, suggesting that the price is likely to experience an increase in the upcoming days.
Conclusion
As per the analysis, the price of Tellor (TRB) is moving in an uptrend. The coin price has given a remarkable return in the previous year. The overall market structure of the coin is positive, and the indicators are also giving a positive signal. Hence, the price is likely to rise in the upcoming days.
Technical Levels
- Support Level: $43
- Resistance Level: $100
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
