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. This surge comes as a bullish break from lows of $96 and whales buying more tokens. With this, TRB is just 26% away from its all-time-high of $164 reached in May 2021.
So, what is Tellor? It is a decentralised oracle network with smart contracts on Ethereum. The protocol’s oracle feeds provide 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 has been deployed on the Manta Pacific mainnet and 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. On-chain data sleuth Lookonchain has highlighted that TRB’s price gains today come amid new accumulation by whales. 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 Twitter. This trend was also observable last week as TRB price skyrocketed 28% and 31% on October 23 and October 25.
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.
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