The cryptocurrency Tellor (TRB) has experienced significant price fluctuations, raising concerns about potential market manipulation, according to a prominent crypto analyst.
In the past 24 hours, Tellor surged by more than 25%, hitting $169.71 at the time of reporting. TRB serves as the native token for the Tellor decentralized oracle protocol, essential for providing external data to blockchain networks.
Oracles like Tellor play a crucial role in the blockchain ecosystem, facilitating real-world data access for smart contracts, such as price feeds. Validators on the Tellor network, known as reporters, compete to contribute data on-chain and earn rewards in TRB tokens.
Allegations of Market Manipulation The Cilinix Crypto YouTube channel’s crypto analyst highlighted Tellor’s dramatic price swings, particularly pointing out a substantial rally from $10 to $140, followed by erratic spikes and crashes. These movements are regarded as potential signs of market manipulation, although technical indicators suggest a continued upward trend.
The analyst identified a critical resistance level around $185 and speculated that breaking past this point could propel TRB’s price as high as $215, drawing from historical price data. However, caution was urged due to the asset’s high volatility, warning of the possibility of sudden downturns.
Despite short-term optimism, the analyst advised caution in trading Tellor, emphasizing the coin’s history of susceptibility to manipulation via substantial volume actions from centralized exchanges. The recent price surge, according to the analyst, remains vulnerable to reversal driven by influential market players commonly referred to as whales.
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