Tellor (TRB) price rose to highs of $119 on Monday as bulls looked to close in the green for the first time in four days.
TRB price could see a bullishish continuation as whales buy more tokens.
Tellor price is just 26% from its all-time-high of $164 reached in May 2021.
Tellor (TRB) price pumped early Monday as the market looked to continue the positive momentum that has catalysed recent gains for many altcoins.
According to market data from CoinGecko, TRB price was $117 at the time of writing, up 15% in the past 24 hours. The price surge comes as a bullish break from lows of $96 saw TRB soar past $110.
What is Tellor?
Tellor is a decentralised oracle network with smart contracts on Ethereum. The protocol’s oracle feeds provide for a permissionless infrastructure for bringing valuable off-chain data to smart contracts. Data providers compete for incentives in TRB, while the platform overall benefits the decentralised finance (DeFi) ecosystem.
Tellor recently deployed on the Manta Pacific mainnet, adding its launch on the network to other EVM- compatible chains including Ethereum and Arbitrum. The oracle feed is also integrated with the Filecoin Virtual Machine.
Why is the Tellor (TRB) price rising today?
As can be seen in the chart below, TRB came close to hitting the $120 price level. This is the same price level that marked the point of last week’s rejection and the start of a four-day decline for the altcoin. Bulls are looking to decisively break the four-day red candle streak.
Tellor price chart. Source: TradingView
On-chain data sleuth Lookonchain has highlighted that TRB’s price gains today come amid new accumulation by whales. After buoying the uptick from lows of $41 earlier this month, whales are at it again. More than 27,400 TRB worth over $3.18 million have been moved from crypto exchange Binance in the last few hours, Lookonchain posted on X.
“Whales accumulate $TRB again! 2 whales have withdrawn 27,405 $TRB ($3.18M) from #Binance in the past 5 hours. And the price of $TRB increased 15% today,” the account noted as Tellor pumped.
The trend was also observable last week as TRB price skyrocketed 28% and 31% on October 23 and October 25.
2 fresh wallets withdrew 24,784 $TRB ($1.88M) from #OKX and #Binance ~10 mins ago.
A total of 7 fresh wallets have withdrawn 198,755 $TRB ($15.06M, 7.83% of the total supply) from exchanges in the past 3 days. pic.twitter.com/TKh2C9XnSc
— Lookonchain (@lookonchain) October 23, 2023
With whales showing continued confidence in the token, its likely TRB/USD could surge past its immediate resistance zone. The next supply wall may be at the all-time-high zone above $160.
TRB price reached its ATH of $164 in May 2021, which means bulls are roughly 26% off the peak at current levels.
