The Tellor (TRB) cryptocurrency has experienced a significant downtrend marked by a dynamic downward trendline and corresponding EMAs. Over the past few weeks, there have been attempts by bulls to push the price higher, resulting in a 15% increase. However, these efforts faced multiple obstacles, leading to a resistance that caused a 5% intraday decline.
The dominance of bears is evident, although there is potential for bulls to overcome this trend. Tellor (TRB) has been repeatedly testing dynamic trendlines, creating uncertainty about its future price movements.
Tellor (TRB) Statistics
According to CoinMarketCap, the past 24 hours have witnessed a significant surge of 354.74% in volume, reaching $126.38 million. The current market cap stands at $198.11 million, ranking as the 230th largest cryptocurrency globally. With a liquidity ratio of 63.75%, TRB demonstrates ample liquidity.
Tokenomics data reveals a total supply of 2.656 million TRB, with a circulating supply of 2.602 million TRB. As a result, the Fully Diluted Valuation (FDV) is estimated at $202.571 million.
On-Chain Metrics of Tellor (TRB)
On-chain metrics offer valuable insights into the Tellor ecosystem. Data indicates a weak correlation of -0.08 with Bitcoin (BTC), implying that TRB's price is largely independent of BTC's movements. Transaction values exceeding $100,000 have totaled $16.07 million over the last week. Large holders hold a significant portion of TRB, with whales owning 82.57% and retail investors holding 6.23%.
The increase in transactions, especially from 4.96K to 183.96K TRB between July 28th and 31st, suggests heightened activity among users.
Transactions and Rich List Data
Transaction volume saw a notable increase from 526 to 687 between July 27th and 31st. The top 100 TRB holders control a substantial portion of the circulating supply, with Binance holding a significant share.
Tellor's user adoption has grown steadily, with the number of holder addresses rising from 6.9K in August 2023 to 9.1K by recent figures.
Analysts' Outlook on Tellor (TRB) Price
Traders, investors, and analysts express optimism regarding TRB's price. Various theories and posts suggest a positive outlook for price appreciation in the future.
Decoding Tellor (TRB) Price Structure
The price action reflects bearish dominance since the beginning of 2024. Despite facing hurdles, on-chain data and analyst sentiment indicate bullish prospects, creating price uncertainty for Tellor (TRB). Following a significant peak and subsequent decline, support levels have been established at $44 and $65.
Recent gains have stalled, with EMAs and trendlines indicating a mixed trend. Potential support at $65 and $44 may help maintain the price, while bullish momentum could drive TRB towards $107 and $133.
In conclusion, amid conflicting signals, investors and traders are advised to exercise caution and conduct their own research (DYOR).
