📊 Tellor Price Tumbles As Whales Offload On Exchanges
Recently, Tellor has experienced some significant price action after 2 whales moved 226,741 Tellor tokens to the OKX exchange. The token nears a breakout.
With this move accounting for 8.42% of TRB’s total supply, the market is closely watching. Recent price gyrations in the Tellor token market have raised concerns over potential price volatility.
The fluctuations have led to substantial Tellor token market movements, which happened over the past 12 hours. Two major investors, or whales, suddenly transferred in a combined 226,741 TRB tokens.
The tokens were worth roughly $12.18 million, to the OKX exchange. With a total of 8.42% of TRB’s total supply in this deposit, this is a considerable percentage of the market that may influence trade dynamics.
Large deposits into exchanges are often a signal that a holder is preparing to sell the token. That caused the token price to drop.
The signs of this impact are already reflected in Tellor’s recent price chart, with a slight dip shown. Tellor is currently priced at $53.78, down 2.1% from the past period.
Compared to other major cryptocurrencies, the token is down 1.9% in Bitcoin terms. It’s now worth 0.0007032 BTC per TRB.
It has seen a steeper decline against Ethereum, falling 5.0% to 0.01779 ETH. Tellor’s 24-hour trading range shows a low of $51.80 and a high of $56.02. This suggests some moving about but staying consistent within this range.
🔸 Tellor Market Outlook: Price Patterns Indicate a Breakout Soon
At the time of writing, Tellor’s price is within the confines of a descending wedge pattern. This pattern usually points to the potential for a breakout. The direction is just isn’t known.
The key support level is at $51.00. A break below that level might mean a possible downside target. It falls in line with a drop of 19.87% to $41.
If bullish momentum carries on, there’s a good chance Tellor will move up to the $65.00 resistance with a continuation target of $100.00. The target represents a 53.18% gain.
