Two months can indeed make a difference in the life of an altcoin in the current dispensation. This seems to be the story of Telcoin, a token once left for dead in the ashes of the downtrend of 2018-2020. Telcoin appears to have risen from the dead and is close to locking in a 900% gain in its 2021 performance.
What is driving the wild buying spree, which has occurred mainly in the last week, considering that there are only about 24,600 holders of this crypto?
One major factor is that the project has secured partnerships with some banks to drive the remittance side of its business. Moreover, the asset is now on Quickswap, allowing its holders to trade and pool the asset for rewards.
There is also talk of a major partnership coming up. These news releases have enabled TEL/USDT to target the $0.02 price last seen in the pre-sale phase in 2017.
Technical Outlook for TEL/USDT
The latest price burst has allowed TEL/USDT to complete the bullish flag on the daily chart in a remarkable fashion. After touching off the 0.0167 price level, the price has retraced briefly. The race to 0.02 as an immediate resistance remains intact. The 0.0176 and 0.01940 price levels (141.4% and 161.8% Fibonacci extension levels from the low of 1 February to the high of 12 March) remain viable targets that need to give way before 0.02 becomes a reality.
On the other hand, a corrective retracement targets 0.014 in the first instance, with 0.0129 serving as an additional downside target.
TEL/USDT Daily Chart
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Cryptocurrency exchange with over 150 coins. As of Jan 18, Binance was the world's largest cryptocurrency exchange per volume.