An altcoin running on the Ethereum (ETH) blockchain looks poised to give up a significant part of its massive gains in the last two months, according to a widely followed analyst.
Pseudonymous analyst Altcoin Sherpa tells his 196,800 followers on the social media platform X that the native asset of the decentralized oracle Tellor Tributes (TRB) has likely ended its multi-month uptrend.
TRB, which rallied from a low of $9.11 in mid-August to a high of $79 last week, appears to have exhausted all bullish momentum, according to the trader.
“TRB: I think that was the blow-off top. Expecting this to eventually die and grind all the way back down.”
Looking at the trader’s chart, he seems to predict that TRB will plummet all the way down to $32.
At time of writing, TRB is trading for $59.68.
The crypto strategist is also keeping a close watch on the price action of Ethereum rival Avalanche (AVAX). According to the analyst, AVAX may rally on the back of news that the Avalanche-based social finance (SocialFi) protocol Stars Arena is once again live after succumbing to a massive security breach last week.
“AVAX: long the Arena
Stars Arena coming back online + this entire area looks like a solid support region. Short-term bullish.”
Based on the trader’s chart, he appears to predict that AVAX will rally toward the $10.60 level.
At time of writing, AVAX is trading for $9.39.
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Generated Image: Midjourney
