- An increase of 23% has been observed in the TRB crypto price during the weekly trading session.
- Technical indicators summary suggests a neutral perspective on the current phase.
- The trading volume has declined 66.56% in the last 24 hours.
Tellor (TRB) is a decentralized oracle protocol that adds valuable off-chain data for on-chain smart contracts on the blockchain. The protocol supplies the requested data and validation permissionless on the on-chain with data reporters.
The data reporters compete for incentives of TRB, which brings information on-chain for the decentralized finance (DeFi) applications.
Tellor Crypto May 2024, Supply Changes & Valuation
Tellor Crypto has an uncapped maximum supply of TRB tokens. At present, 2.62 million TRb tokens are circulating in the market, which holds a market capitalization of $180.36 million.
The current market cap ranks 308th out of 9,870 active cryptocurrencies. The full diluted valuation of the protocol is assumed to be at $183.85 Million.
With a volume-to-market cap ratio (VMR) of 106.49%, the TRB token is reflecting higher liquidity across trading exchanges. The 24-hour volume has reached $175.59 Million, showing a 68.56% decline.
Tellor crypto has been outperforming the global cryptocurrency market, with an increase of 26.50% in the last 7 days.
Price to Volume and Social Dominance Analysis
According to the Santiment data, the social upsurge in tweets has highly influenced the Tellor crypto price. The social sentiments have risen early this year, covering over 1.72% dominance across social media platforms.
This positively impacted the crypto volume and price. However, social dominance, volume, and price have experienced a constant decline since then. This shows the negative impact of depending only on social tweets and dominance.
Technical Analysis Of Tellor (TRB/USD)
The bearish outlook implies below the key exponential moving averages. The current price slipped below the 50-day and 200-day EMAs, indicating bearish sentiments in technical terms.
TRB price respects the trendline that has been forming since January 17, 2024. However, the price has shown a tremendous amount of buying from the $42.00 demand zone. It reflected over 70% upsurge to the $74.39 level.
Regarding the technicals, the TRB price can surge up to the $125.77 level, if the price closes above the $103.28 level.
Furthermore, the relative strength index (RSI) shows strong bullish momentum in price in the current phase. The RSI and SMA lines had a golden crossover, which indicates a potential shift in bullish strength. The RSI line is moving at 54.46 above the SMA line.
Summary
Since December 31, 2023, Tellor crypto price has been experiencing strong bearish sentiments. The crypto recorded a negative profitability of 38.52% in the six-month session. However, a positive rise in growth can also be seen during the monthly session.
Tellor crypto is reflecting 23.36% positive returns in the monthly timeframe session. At present, the price is moving at the $69.47 level. The TRB price can surge up to the $125.77 level if the price closes above the $103.28 level as per the market technicals.
Technical Levels
- Resistance Levels: $103.28 and $125.77
- Support Levels: $58.04 and $42.00
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.