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The Daily Hodl, a crypto analyst, says that an altcoin based on Ethereum that has increased 700% in just two months is poised to decline even further


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.” 

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Source: Altcoin Sherpa/X

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.” 

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Source: Altcoin Sherpa/X

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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