Tellor (TRB), a decentralized oracle platform, has experienced a significant price surge, with its value increasing by 42% in the past 24 hours. According to our analysis, TRB has broken out of a descending channel, signaling strong bullish momentum and the potential for further growth.
The breakout from the descending channel is a key technical indicator that suggests a shift in market sentiment and increased buying pressure. As TRB continues to trade above the channel’s upper boundary, it may attract more investors and traders, further fueling its upward trajectory.
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Analyst Predicts Massive Move for TRB, Potential 315% Increase
Javon Marks, a prominent crypto analyst, has recently shared his insights on Tellor’s price action. In a tweet, Marks highlighted that TRB is now displaying major strength after holding a bullish pattern. He predicts that TRB could be preparing for a massive move, potentially increasing by more than 315% to reach $261 or higher.
Marks’ analysis is based on the observation that TRB has successfully held a bullish pattern, which suggests that the cryptocurrency has established a strong foundation for future growth. If TRB continues to follow this pattern and maintains its bullish momentum, it could indeed experience a significant price increase in the coming weeks or months.
According to his chart analysis, the bulls successfully rebounded from a significant support level around $45. He firmly believes that maintaining this level will be sufficient to trigger a price spike. Additionally, after a prolonged upward movement, the price has started to retrace in December. The chart formation indicates that the retracement points may have concluded, signaling the imminent arrival of a major spike.
It is worth noting that yesterday’s bullish spike was the longest observed since January, demonstrating a surge in trading volume associated with the optimism for an extended upward trend.
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Show more +Tellor’s Price Performance and Market Sentiment
Over the past 24 hours, Tellor has exhibited a wide trading range, with a low of $47.97 and a high of $77.70.
The 43.41% price increase in the past 24 hours has also contributed to a growing positive market sentiment around Tellor. As more investors become aware of TRB’s bullish potential, it may attract additional capital, further supporting its price growth.
With Tellor’s impressive 42% price surge, breakout from the descending channel, and analysts predicting a potential 315% increase, the cryptocurrency appears to be well-positioned for further growth.
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