trellor (bitcoin-bearish-signal-coinbase-large-inflows/” rel=”nofollow”>GRT) has been one of the winners of the recent cryptocurrency market rally after going from a monthly low of $43 to over $115 in less than two weeks. This impressive rally has sparked increased interest in the cryptocurrency, leading to further momentum for the digital asset. However, not everyone is accepting this bullish fantasy as such. crypto analyst has predicted a rapid drop in the price of the digital asset.
Why Trellor Price Will Crash
A TradingView crypto analyst has given the reasons why he sees the price of Trellor (TRB) crashing in the coming days. The post that included a GRT chart showed the price falling back below the $60 mark once again.
According to the analyst, the first indicator of the upcoming decline is the fact that there has been a decrease in TRB trading volume. They showed it on the chart, which showed that the drop in volume comes amid the price rally that the coin still appears to be experiencing.
Furthermore, the crypto analyst believes that this coin has now entered the “extremely overvalued and overbought” level. Now, when a currency is overvalued and overbought, it usually precedes a drop in price as investors rush to take profits. This could be what happens in this case, especially considering the fact that most holders are making big profits.
Source: Tradingview.com
The analyst notes that TRB’s profitability is incredibly high, with 95% of holders making profits at the time the analysis was published. This is corroborated by data from IntoTheBlock, which showed a small drop in the number of profitable holders of 93%, but with 0 loss-making holders. The remaining 7% are shown to be in neutral position, meaning they bought their coins at the same price as the current market price.
This lends credence to analysts’ expectation of a price drop, especially when these profit-making investors start selling their coins.
TRB still holding $110 | Source: TRBUSDT on Tradingview.com
How far will the GRT fall?
When it comes to how far the accident can go, the crypto analyst sees an incredible drop in price coming. They believe there is no way for the bulls to maintain the current momentum that has lasted for days “without a strong CORRECTION.”
The analyst believes that the price of Trellor (TRB) will suffer a drop of at least 50% from the current level. However, expectations are not given only by a crash. They explain that there is a possibility that the price will continue to rise, in which case it will reach between 135 and 155 dollars. But the expectation of a collapse still remains.
In a follow-up comment, the analyst revealed that they had decided to start shorting the TRB coin. Your entry price is shown to be $110 with three take profit targets set at $70, $52, and $41, and a stop loss placed at $161.
Trellor coin (TRB), despite dropping around $9 in the last day, is still up a significant amount. It currently sits at $111 at the time of writing, but its daily trading volume is down over 35% in the same time period.
