News
Buy or sell? Trending Cryptocurrency Gains 200% in One Week
Tellor (TRB) has made impressive gains in a week, up 200% month to date and trending across social platforms. Finbold turned cryptocurrency indicators, looking for insights into whether this could be a buy or sell signal for TRB.
Tellor is a $355 million Oracle network and a direct competitor to Chainlink (CONNECTION) in off-chain data forwarding to cryptocurrencies. Notably, LINK has a market capitalization of $8.5 billion, which is 24 times higher than that of this trending cryptocurrency.
Tellor (TRB) Price Analysis.
TRB trades at $141.72, with gains of 198.6% from the local low of $42.73 reached on May 1. technical indicators show bullish momentum, which investors could see as either a buy or sell signal.
In particular, the newspaper relative strength index (RSI) shows a disconcerting overbought state at 81.78, which often signals trend reversals. Furthermore, the token trades almost twice above the 30-day mark exponential moving average (30-EMA), currently in preparation support to $76.48 after the May 2 breakout.
TRB/USD Daily Price Chart, RSI and 30-EMA. Source: TradingView/Finbold
Tellor is trending on social indicators
Similar to technical analysissocial indicators suggest a bullish momentum for Tellor, which could soon cause a turnaround. In this regard, Finbold collected data from Santiment, showing TRB as the second most trending cryptocurrency dominating the market’s social metrics.
The platform’s AI summary highlights price action, increased whale activity, and “VIP interest” as the reasons Tellor is trending.
Interestingly, as the price increased, social volume and social dominance reached monthly highs of 15 and 0.1%. This highlights the momentum of the cryptocurrency trend, but peak social metrics for small-cap cryptocurrencies often signal local tops and reversals.
However, if the momentum continues, Tellor could see further growth, seeking greater capitalization as the protocol competes for demand and market share in a multibillion-dollar market for Oracle solutions.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.