According to one crypto analyst, Tellor has seen dramatic price fluctuations recently, including a huge rally and subsequent crashes due to market manipulation.
The cryptocurrency Tellor (TRB) saw its price shoot up over 25% in the last 24 hours, reaching $169.71 as of press time. Tellor is the native token of the Tellor decentralized oracle protocol, which supplies external data to blockchain networks.
Oracles like Tellor are critical infrastructure in the blockchain ecosystem, enabling smart contracts to access real-world data like price feeds. Validators on the Tellor network, known as reporters, compete to add data on-chain and receive rewards through TRB tokens.
Market manipulation allegations
According to the crypto analyst behind the Cilinix Crypto YouTube channel, Tellor has seen dramatic price swings recently. In his Dec. 22 video, he pointed to the token’s enormous rally from $10 to $140 and subsequent spikes and drops as signs of market manipulation. However, he notes the current technical indicators suggest the upward trend will continue.
If the token can break past resistance around $185, the analyst believes it could reach as high as $215 based on historical price performance. However, he cautions that a sudden crash is always possible with such a volatile asset.
While optimistic in the short term, the analyst warns viewers to exercise caution in trading Tellor due to its history of manipulation by large volume from centralized exchanges. According to him, the recent price growth could easily be reversed by the actions of whales.
