Can Tellor (TRB) Price Breakout Anytime Soon?

The Tellor (TRB) has been in a major downtrend followed by a dynamic downward trendline and coinciding EMAs. In the past three weeks, bulls tried hard to surge but failed due to multiple hurdles that led to a nearly 15% increase.

As of writing, the price has faced resistance in the recent attempt to breach the hurdle. However, the price has been deflected downward by 5% in intraday.

The bears have the overall dominance, but contingent on bulls, it can breach the above. It has tested dynamic trendlines multiple times, which makes an uncertain view of its price.

Tellor (TRB) Statistics

Per the CoinMarketCap platform, the volume inflow of the past 24 hours has surged massively by 354.74% to $126.38 Million.

Its market cap was $198.11 Million at press time, making it the 230th largest crypto globally. TRB also had a decent liquidity ratio of 63.75%, signifying plenty of liquidity present in the asset.

Its tokenomics showed that out of a total supply of 2.656 Million TRB, the circulating supply was 2.602 Million TRB. Thus, from current prices, the FDV stood at $202.571 Million.

What On-Chain Metrics of Tellor (TRB) Signify?

The On-chain metric provides rapid insights into the Tellor ecosystem and its protocol’s state. As per the data from an on-chain research website, the price correlation with the market leader (BTC) has been negative 0.08.

It showed that the BTC price did not affect even the TRB price. It has its own price structure activity based on supply and demand.

Further on-chain data signified that transactions over $100K increased, totaling $16.07 Million, in the past 7 days. The concentration of large holders was 94%, whereas investors’ concentration was 11.2% (297.7K TRB).

Moreover, the whales’ concentration was 82.57% (2.19 million TRB), and the Retail crowd held 6.23% (165.5K TRB).

On-chain Data | Source: IXFI

The crypto’s transactions have increased exponentially from the July 28th low of 4.96K TRB to July 31st 183.96K TRB. It signified a large volume of Tellor token transfers occurred among users.

Transactions and Rich List Data

The total number of transactions has also significantly surged from 526 on July 27th to 687 by July 31st.

Based on the rich list from CoinCarp, its holders’ balance has also surged. TRB’s top 100 holders held 96.19% of the floating supply.

The ace in the list was Binance. It held nearly 47% of the supply in two addresses, with 790K TRBs in possession.

Holders Stats Of TRB | Source: Coincarp

The Tellor’s holders chart showed strong adoption by the users. Additionally, its users have grown from 6.9K in August 2023 to the peak at 9.1K, precisely 9147 holder addresses.

Analysts Outlook in Tellor (TRB) Price

The traders, investors, and analysts are optimistic about the Tellor (TRB) token price. Many have shared posts with different theories that concluded optimism in its price appreciation ahead.

Optimistic Tweets | Source: X

One of them, a trader @cryptoknight890, shared his illustration.

$trb 100$ comming https://t.co/T1VoxIxlLI pic.twitter.com/DixeUwQQh0

— KNIGHT $INJ TO 100$ (@cryptoknight890) July 31, 2024

He stated that $100 was coming soon and piercing would generate 3x gains.

Decoding Tellor (TRB) Price Structure

The price action showed bears’ dominance since the start of 2024. The TRB price was struggling near multiple hurdles. However, on-chain data and various analysts showcased bullish enthusiasm (at press time), which created uncertainty in the Tellor token price.

The Tellor (TRB) has peaked more than 6000% on 31st December 2023 from a registered low of $7.43 to a $515 peak.

However, instability led to degradation, leading to support forming on May 1st, 2024, at the $44 support level. The price surged but deflected back from trendline resistance, which fell to $65 by July 10th, 2024.

The recent manifested gains of 15% have stopped growing further. The 50-day and 200-day EMAs are on the way, with a coinciding downward trendline. MACD showed histogram minor growth at 0.85, and RSI moved above 14-SMA at 47.40.

Therefore, based on continued bear pressure, the supports could hold the price at $65 and $44, respectively.

On the contrary, if things go bullish with growing numbers in on-chain, analysts’ tweets, and off-chain stats, the TRB price could see a bullish ascent towards $107 and $133, respectively.

Overall, the sentiment of the asset appears uncertain until the price confirmations are observed. So, investors and traders must be cautious (DYOR).

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