Tellor (TRB) went on a rollercoaster in the past 24 hours, with its price experiencing a surge and a drop that is comparable to that of price manipulation. As a result, the crypto surged to over $600 in the late hours of 2023 before crashing down to $137. 

According to data from CoinGlass, TRB witnessed more liquidated positions than any other crypto within this time period, with whales exiting both long and short positions amidst rumors of manipulation.

Wow $TRB pic.twitter.com/TgYqWNtC0u

— Tony “The Bull” (@tonythebullBTC) December 31, 2023

TRB Price Action And Liquidation

TRB has been on a steady price increase since the beginning of the month. This increase was particularly exacerbated on December 31, pushing the crypto to a new all-time high of $602, and a 1000% increase in trading volume, according to Coinmarketcap data. However, this price surge failed to last more than a few hours, as TRB plummeted to $139.

This price volatility saw TRB lead the market in liquidations on both long and short positions. According to CoinGlass, the crypto market saw a total of $227 million liquidated positions in the past 24 hours, with TRB leading with $73.93 million, quite unusual for such a low market cap altcoin. ETH and BTC followed with $24.7 million and $22.74 million worth of liquidated positions. 

While the reason for the astounding price spike is unclear at the moment, the subsequent crash has been attributed to price manipulation from the Tellor team. According to a post on X (formerly Twitter) by Lookonchain, the Tellor team deposited 4,211 TRB worth approximately $2.4 million on Coinbase as the price skyrocketed. 

In the past 24 hours, $TRB soared to $600 and then plummeted to $137, causing $68M of assets to be liquidated, making it the most liquidated token.

We noticed that the #Tellor team deposited 4,211 $TRB($2.4M) after the price of $TRB skyrocketed.

Address:https://t.co/efHPXCiMiG pic.twitter.com/IBty2Wf2gI

— Lookonchain (@lookonchain) January 1, 2024

Price manipulation is certainly not a new phenomenon in the crypto industry, especially among low market-cap altcoins. The transfer into Coinbase has got investors wondering about a selloff from the team, as TRB crashed in the hours after. Nonetheless, this remains a speculation at this point.

TRB is the utility token for Tellor, a decentralized oracle network that provides real-world data to blockchain-based smart contracts. TRB mostly traded below $15 for the majority of the year. Things started to get hot in September as the cryptocurrency started to exhibit a very high level of volatility at this point. TRB kickstarted a sustained price surge in the middle of September that saw it reach $140 on November 9. After reaching this point, it went through a price dip throughout the month to the end of November at around $77.  

December saw a change in momentum, with price action indicating a steady surge since the beginning of the month. At the time of writing, TRB is trading at $191, still up by 143% in a 30-day timeframe.

The post Tellor (TRB) Leaves Market In Shock With 75% Price Crash, Here’s What Happened appeared first on CryptoSens.

Trellor (TRB) has been one of the winners of the recent crypto market rally after going from a monthly low of $43 to over $115 in less than two weeks. This impressive rally has triggered heightened interest in the cryptocurrency leading to more momentum for the digital asset. However, not everyone is buying into this bullish fantasy as one crypto analyst has predicted a rapid decline in price for the digital asset.

Why The Price Of Trellor Will Crash

A TradingView crypto analyst has given reasons for why they see the Trellor (TRB) price crashing in the coming days. The post which included a chart of TRB depicted the price falling back down below the $60 mark once more.

According to the analyst, the first indicator of the coming crash is the fact that there has been a decline in the trading volume of TRB. They showed this in the chart, which showed that the volume drop is happening amid the price rally that the coin still seems to be undergoing.

Also, the crypto analyst believes that this coin has now entered the “extremely overvalued and overbought” level. Now, usually when a coin is overvalued and overbought, it often precedes a crash in price as investors rush to secure profits. This could be what happens in this case, especially given the fact that the majority of holders are in heavy profits.

The analyst points out that the TRB profitability is incredibly high, with 95% of holders in profit at the time that the analysis was posted. This is corroborated by data from IntoTheBlock, which showed a small drop in the number of profitable holders at 93% but with 0 holders in a loss. The remaining 7% are shown to be sitting at neutral which means they purchased their coins at the same prices as the current market price.

This lends credence to the analyst’s expectation of a price decline, especially when these investors who are in profit begin to sell their coins.

How Far Will The TRB Crash Go?

When it comes to how far the crash can go, the crypto analyst sees an incredible drop in price coming. They believe that there is no way for the bulls to sustain the current momentum which has gone on for days “without heavy CORRECTION.”

The analyst believes that the price of Trellor (TRB) will see at least 50% crash from the current level. However, the expectations are not given only for a crash. They explain that there is the possibility that the price will continue to go up, in which case it reaches as high as $135 to $155. But still maintain the expectation of a crash.

In a follow-up comment, the analyst revealed that they had decided to start shorting the TRB coin. Their price entry is shown to be $110 with three take profit targets set for $70, $52, and $41, and a stop loss placed at $161.

The Trellor (TRB) coin, despite falling around $9 in the last day, is still up a significant amount. It is currently sitting at $111 at the time of writing, but its daily trading volume is down over 35% in the same time period.

The post The End Is Near For Trellor (TRB): Crypto Analyst Says Prepare For 50% Drop appeared first on CryptoSens.

The crypto market saw retracement across all boards with the crypto marketcap being rejected from its resistance of $1.2 trillion leaving top cryptos affected.

This has led to market sentiments going back to bearish with many crypto assets sitting on the key support zone. Let us focus on the top 5 cryptos you should pay attention to this week.

Disclaimer: The picks listed in this article should not be taken as investment advice. Always do your research and never invest more than what you can afford to lose.

Top Crypto Price Analysis Chart –Bitcoin (BTC) 
Daily BTC Price Analysis | Source: BTCUSDT On Tradingview.com

From the chart, the price of BTC was rejected from $25,200 with a bullish uptrend in a rising wedge. The rejection from the resistance led the price of BTC to break out in a downward trend. 

BTC is currently trading at $21,100 at the point of writing this article. The price of BTC was unable to hold the support at $22,500 leading to a retest of lower support at $20,800. 

A breakout below this $20,800 support holding the price of BTC could see the price going lower to a region of $19,000 which is seen as a demand zone for BTC prices over the weeks.

Price Analysis Of Ethereum (ETH) On The Daily (1D) Chart
Daily ETH Price Analysis | Source: ETHUSDT On Tradingview.com

The price of Ethereum in recent weeks outperformed BTC after showing a bullish trend ahead of  “The Merge,” rising to a region of $2,030.

ETH price was rejected from $2,030 with what seems to be a resistance for ETH price to trend higher. The price saw a sell-off to a region of $1,570 at the point of writing.

The price of ETH is trading below the 50 and 200 Exponential Moving Average (EMA) on the daily timeframe.

If the ETH price maintains its bearish structure, we could see the price retesting $1,300 as a key support region with high demands. 

Top Crypto Price Analysis Chart –Binance Coin (BNB)
Daily BNB Price Analysis | Source: BNBUSDT On Tradingview.com

The price of BNB was rejected from its resistance of $327 and is currently trading at $296.

BNB has maintained its bullish structure despite the rejection. A break of about $290 could see the price of BNB retesting the region of $250 as support.

The price of BNB has found good support at a price of $288 which corresponds to the 50 EMA. BNB needs to hold above to have a chance of trending higher.

Price Analysis Of Trezor (TRB) On The Daily (1D) Chart
Daily TRB Price Analysis | Source: TRBUSDT On Tradingview.com

The price of Trezor has continued to show bullish trends holding well above the 50 and 200 EMA. 

Despite the pullback across crypto assets in the market, TRB has continued to look strong, respecting the bullish trendline.

The price of TRB broke the resistance at $40, a close above this region could send the price to a region of $60. If TRB fails to hold the trendline acting as support, $32 is the ideal support to hold prices.

Price Analysis Of EOS On The Daily (1D) Chart
Daily EOS Price Analysis | Source: EOSUSDT On Tradingview.com

EOS has formed a bullish pattern after breaking out of a range channel and forming support at $1.4. If EOS holds this support area and as the market bounces to the upside, we could see the price of EOS retesting $1.75 acting as resistance for the price.

A break below EOS support would retest $1.26 acting as support.

Featured Image From Nairametrics, Charts From TradingView.com 

The post TA: Weekly Top 5 Crypto To Watch – BTC, ETH, BNB, TRB, EOS appeared first on CryptoSens.