Whales dump TRB currency. Will it collapse?

In a remarkable series of crypto whale moves, a total of $5.46 million worth of Tellor (TRB) coins was recently moved to centralized exchanges.

This indicates potential sales that influence the dynamics of the token market. The activities of Taylor's whales coincide with significant fluctuations in TRB prices. Which indicates the possibility of making profits.

Can TRB reach $232 despite the crypto whale sell-off?

Spot On Chain, an on-chain analytics platform, tracked a large transaction in which 0xf2b, a crypto-whale wallet, deposited 10,582 TRB (approximately $1.32 million) on Coinbase. The crypto whale made the transaction at a price of around $124.

Previously, this wallet withdrew tokens at an average price of $57.7. He will therefore make a profit of $706,000, an increase of 116% in about two months.

Additionally, several other crypto whales repeated this pattern of buying low and selling high between early March and May 2024.

“Finally, please note that this is the 6th whale that withdrew TRB from Coinbase between early March and May and then deposited all tokens onto CEX to make profits in the last 3 days after the price increased to 108%", He said Spot on the channel.

For example, Deposit The wallet of another crypto whale, 0xeb1, sent 10,486 TRB (worth approximately $1.38 million) to Coinbase. The crypto whale delisted TRB at an average price of $76.59. He held the tokens for over two months and made a profit of $581,000, a return of 72.4%.

Furthermore, I got involved A third crypto-whale wallet, 0xb4b, followed a similar strategy, selling approximately $1.4 million worth of TRB tokens for a profit of $488,000 (54.5%). Additionally, another crypto whale, 0xfac, deposited 10,375 TRB (~1.36 million) on Coinbase for an estimated profit of $461,000.

These strategic trades emphasize a common approach among crypto whales aimed at maximizing returns over relatively short trading periods.

Despite these big sales, show Performance of TRB parts The market is flexible. The token recently saw a breakout from a bull flag pattern. This is a bullish continuation pattern characterized by rapid price action followed by a flag-shaped consolidation phase.

This breakout indicates that TRB could extend its uptrend. Or Suggest Cryptocurrency analysts like Emre are targeting a potential target at $232.

Learn more: Tellor Tributes (TRB) Price Forecast for 2024, 2025, 2026, 2027

However, this bullish outlook will be invalidated if TRB falls below the critical support level of $115. Ace and TRB continue to show strong market movements. Stakeholders should monitor these developments closely.