Tellor, a cryptocurrency known for its price volatility, has experienced significant fluctuations recently, with a notable surge followed by crashes attributed to market manipulation.
The native token of the Tellor decentralized oracle protocol, TRB, saw a remarkable 25% increase in value within a 24-hour period, reaching $169.71 at the time of writing. As an oracle, Tellor plays a crucial role in the blockchain ecosystem by providing real-world data to smart contracts, such as price feeds.
Validators on the Tellor network, referred to as reporters, compete to input data on-chain and are rewarded with TRB tokens. This process ensures the integrity and accuracy of the information supplied to blockchain networks.
Despite the positive price movement, concerns have been raised about potential market manipulation surrounding Tellor. A crypto analyst from the Cilinix Crypto YouTube channel highlighted the token’s sharp rally from $10 to $140, as well as subsequent fluctuations, as possible signs of interference in the market.
Technical indicators suggest a continued upward trajectory for Tellor, with the analyst predicting a potential price target of $215 if the token breaks through resistance at $185. However, caution is advised due to the unpredictable nature of cryptocurrency markets and the possibility of sudden crashes.
The analyst emphasizes the need for vigilance when trading Tellor, citing its susceptibility to manipulation by centralized exchanges and large volume traders. While optimistic about short-term gains, viewers are urged to be mindful of the risks associated with trading volatile assets like TRB.
In conclusion, while Tellor shows promise for potential growth, investors are advised to stay informed and exercise caution in navigating the unpredictable world of cryptocurrency trading.