Allegations of market manipulation result in a 25% surge for Tellor
Tellor, a popular cryptocurrency, has experienced significant price fluctuations recently, including a notable surge and subsequent crashes attributed to market manipulation.
Over the past 24 hours, the price of Tellor (TRB) has skyrocketed by more than 25%, reaching an impressive $169.71 at the time of writing. Tellor serves as the native token for the Tellor decentralized oracle protocol, which plays a crucial role in providing external data to blockchain networks.
Oracles like Tellor are essential infrastructure within the blockchain ecosystem as they enable smart contracts to access real-world data, such as price feeds. Validators, known as reporters, on the Tellor network compete to contribute data on-chain and are rewarded with TRB tokens.
The Cilinix Crypto YouTube channel’s crypto analyst has highlighted the significant price swings experienced by Tellor recently. In a video released on December 22nd, the analyst pointed out the token’s remarkable rally from $10 to $140, as well as subsequent spikes and drops, as clear signs of market manipulation. However, the current technical indicators suggest that the upward trend is likely to continue.
The analyst predicts that if the token manages to surpass the resistance level at around $185, it could potentially reach as high as $215 based on historical price performance. Nevertheless, he advises caution, as sudden crashes are always a possibility when dealing with such a volatile asset.
While the analyst remains optimistic in the short term, he urges viewers to exercise caution when trading Tellor due to its history of manipulation by centralized exchanges with large trading volumes. According to him, the recent price growth could easily be reversed by the actions of influential market participants.
For more information and updates, you can visit the Cilinix Crypto YouTube channel and follow the latest news.
