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Tellor (TRB) Price Prediction – When will TRB hit $500?

tellor trb price prediction

Deploying as a decentralized oracle protocol, Tellor is an indispensable component of the blockchain infrastructure. Oracles enable the utilization of critical off-chain data by on-chain smart contracts by facilitating the transmission of said data onto the blockchain.

Oracle functionality within the Tellor framework enables the smooth transfer of data, which can be requested, verified, and incorporated onto the blockchain without requiring authorization. Data reporters participate in competitive validation procedures in exchange for TRB tokens as incentives. Their contributions guarantee the accessibility of critical off-chain data for an array of DeFi applications.

In recent price projections, Javon Marks, a renowned cryptocurrency analyst, recently offered his opinion on Tellor's price dynamics. Marks highlighted TRB's considerable strength in a tweet following its adherence to a bullish pattern. He foresees a substantial increase, potentially surpassing 315% in value to attain $261 or more.

Marks, citing chart analysis, identifies a bullish resurgence from a critical support level in the vicinity of $45. Maintaining this level, according to him, could stimulate a price increase. In addition, the price has been retracing since December, following a protracted uptrend; there are signs that the retracement phase may have ended, indicating an imminent significant surge.

Significantly, the bullish surge that occurred with a bullish engulfing pattern was the longest one observed since January, indicating increased trading volume and optimism regarding the continuation of an upward trajectory.

Let’s see TRB/USD price prediction for 2024 and 2025 based on the Trellor (TRB) market analysis-

HODLers dominate Tellor (TRB)

The oracle mechanism of Tellor encourages the reporting of accurate data while discouraging its use through dispute resolution and severe penalties. Unique among blockchain oracles, the process of becoming a data reporter is permissionless, facilitating global participation via open-source software.

Data correspondents compete to enter off-chain data values that are requested by Oracle users into an on-chain database that smart contracts on supported networks such as Ethereum, Polygon, and Algorand can access. The determination of data update frequency is achieved through user tipping using TRB.

Another notable feature of Tellor is its utilization of bytes to store data, which enhances the oracle's adaptability and resilience for a wide range of blockchain applications.

HODLers dominate Tellor (TRB)

Tellor price (TRB) is mostly driven by whales as a significant portion of the address is acquired by larger investors. 

As the 80.80% address is acquired by hodlers, investors should closely monitor how they perform with their investment. The ideal approach is to look for a valid breakout with a larger volume to find a stable trend.

TRB/USDT Bulls Await A Trendline Breakout

TRB/USDT Bulls Await A Trendline Breakout

According to the weekly TRBU/SDT price, the most recent candle shows a buying pressure from the 42.66 support level. However, the price failed to overcome the 50-week SMA line, and resistance was found at the falling trendline.

In the secondary window, the Relative Strength Index (RSI) shows a corrective momentum below the 50.00 line. It is a sign of indecisive market pressure, which needs a solid breakout before forming a strong trend.

Based on this outlook, a bullish weekly candle above the 94.59 line could initiate a bull run in 2024, taking the price to the 210.70 Fibonacci Extension level. Moreover, a stable market above the 147.79 level could extend the buying pressure at the 314.56 level.

TRB/USDT Ichimoku Cloud Analysis

TRB/USDT Ichimoku Cloud Analysis

According to the Ichimoku Cloud structure, the ongoing bearish pressure is potent in the TRB/USDT price as it trades below the Cloud resistance. However, the most recent price formed a bullish reversal with an engulfing candlestick pattern above the dynamic Kijun Sen level. Moreover, the future cloud suggests a corrective momentum as both Senkou Span lines are flat.

In the secondary indicator window, the MACD Histogram shows a bullish pressure by remaining in the positive zone for three consecutive days. Moreover, the signal line created a bottom before forming a bullish crossover, which is an additional bullish signal.

As per the TRB/USDT price projection for 2024 and 2025, the long-term buying pressure needs a stable market above the 100.00 psychological line. A bullish daily close above this psychological line could take the price at the 300.00 level in 2024 and above 500.00 level within 2025.

On the bearish side, the most recent bullish engulfing pattern is a crucial indicator, as it came with a candle close above the dynamic line. Therefore, any immediate reversal with a daily close below the 41.68 low could be a potential bearish opportunity, targeting the 30.00 level.

Is TRB/USDT A Buy?

Based on the current market behavior, TRB/USDT is more likely to extend the buying pressure in 2024 and 2025. Investors should closely monitor how the price reacts at the near-term psychological barrier as a successful breakout could create a bullish impulsive wave.

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