Tellor (TRB) has made impressive gains in a week, up 200% month-to-date and trending in social platforms. Finbold turned to cryptocurrency indicators, looking for insights on whether this could be a buy or sell signal for TRB.
Tellor is a $355 million Oracle network and a direct competitor to Chainlink (LINK) in relaying off-chain data to cryptocurrencies. Notably, LINK has a $8.5 billion market cap – which is 24 times higher than this trending cryptocurrency.
Tellor (TRB) price analysis
TRB trades at $141.72, with 198.6% gains from a local bottom of $42.73 reached on May 1. Following this surge, technical indicators show bullish momentum, which investors could see as both a buy and sell signal.
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In particular, the daily relative strength index (RSI) shows a staggering 81.78 overbought status, which often signals trend reversals. Moreover, the token trades nearly two times above the 30-day exponential moving average (30-EMA), currently making support at $76.48 after a breakout on May 2.
![](https://assets.finbold.com/uploads/2024/05/TRB-USD-tradingview-1024x661.jpg)
Tellor is trending on social indicators
Similar to the technical analysis, social indicators suggest a bullish momentum for Tellor, which could soon cause a trend reversal. On that note, Finbold gathered 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 why Tellor is trending.
![](https://assets.finbold.com/uploads/2024/05/TRB-trending-1024x246.jpg)
Interestingly, as the price surged, social volume and social dominance reached monthly highs of 15 and 0.1%. This evidences the cryptocurrency trending momentum, but peaking social metrics for low-cap cryptocurrencies often signal local tops and reversals.
![](https://assets.finbold.com/uploads/2024/05/Tellor-TRB-07.41.52-08-May-2024-1024x347.png)
However, if the momentum continues, Tellor could see further growth, seeking higher capitalization as the protocol competes for demand and market share in a multi-billionaire market of Oracle solutions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.