Highlights:
- Tellor slows down intra-day but bulls hold the price above $77.88 support
- Holding key support is an indicator of strong bullish sentiment
- Rising bullish sentiment across the market could push Tellor to $100 short-term
Tellor is in a correction intra-day. In the last 24 hours, Tellor is down by 15.44% and at the time of going to press, was trading at $80.14. Despite the intra-day correction, a lot is going on for Tellor that could see its price rally going forward.
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Tellor Has a Solid Use Case
Tellor is changing the way blockchains work by providing access to off-chain data that oracles could seamlessly feed into on-chain smart contracts. Tellor serves a significant purpose not only within the DeFi space but also in the broader scope of the crypto world. It does this by supplying reliable and updated information about a variety of things as a decentralized oracle.
From day one, Tellor has stayed true to principles like permissionlessness and decentralization, choosing the harder path to build a sustainable, truly decentralized oracle. We're committed to providing a public alternative to centralized oracles because one day, decentralization… https://t.co/kJzOInS9Q0
— Tellor (@WeAreTellor) August 26, 2024
Oracles are important for blockchains as they enable smart contracts to utilize real-world information. Tellor’s protocol allows data requests to be created, accessed, and verified on-chain with no central authority controlling the process. This approach allows data to be permissionless and, hence, secure, increasing the reliability of blockchain systems.
Tellor pays “data reporters” with TRB tokens to create competition data providers. Such technology vastly enhances the efficacy of many DeFi applications that are built on real-world data. Those applications allow the user real-time data and enable them to lend, transact, or even manage different assets.
The expansion of DeFi combined with Tellor’s oracle solution will enhance the scope of blockchain technology and its viability. Tellor, with its model, will help eliminate any issues with the availability of information off-chain while ensuring that it is also trustworthy.
Tellor Devs Team Working on Major Updates
Tellor is also progressing as its developers are preparing major updates prior to Devcon. The Tellor team composed of Caleb, Ryan, and Dan together with other team members is currently in Thailand for the Blockchain Oracle Summit. Their main goal is to enhance Tellor’s performance and reliability by improving its infrastructure.
Caleb has noted that the Tellor blockchain application is operational. He added that the team is presently involved in the real-world testing of the application by running various transactions on the network. Similarly, Aram has updated documentation for Tellor. This is to reduce the learning cost for users and encourage more developers and validators on the platform. Furthermore, Dan is increasing the coverage of end-to-end tests by conducting live transactions.
Ryan gave an update on Tellor’s bridge page, which helps connect various blockchain networks. He added that they are now integrating data feeds with Tellor’s page to enhance better user interface performance. Besides, the team is trying out an IBC channel to enable Cosmos-based connections.
Nick, co-founder of Tellor also pointed out that nearly all of the protocol’s deployment requirements are more or less fulfilled. The aim during the week is to complete the network testing and present new features at other events. This journey demonstrates Tellor’s efforts in making data better reliably available for DeFi.
Technical Analysis – Tellor Bullish as $77.88 Support Holds Despite Correction
From the charts, Tellor is in a breakout. After trading in a range between the $77.88 resistance and $52.43 support for months, bulls rallied Tellor through the $77.88 resistance on November 10.
While bears have attempted to push Tellor through $52.43 now support, they have failed. It is an indicator that bullish sentiment is still strong in the market. This means bulls could remain in control. In such a scenario, Tellor could be headed to $100, or higher in the short term.
A Recap Tellor Price
Overall, Tellor has everything going for it at this point. From a strong use case, an active dev team, and a rising market, the odds favor a continuation of the rally Tellor has built up recently. With the ongoing marketwide momentum, Tellor could easily rally to $100 in the short term.
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