The Telcoin price is surging this morning after breaking free from a five-month narrowing pennant formation. At one stage today, Telcoin (TEL) traded as high as $0.02600, around 53% higher than where it finished the day. As a result of the explosive move higher, TEL has cleared long-term trend resistance, which could propel the price of the telecom-focused crypto to a multi-month high.
Like most altcoins, Telcoin’s native TEL token has a chequered track record over the last five months. After a 200% rally from the July low, Telcoin reached $0.02980 in late August. However, the broader market weakness in September drove TEL lower by 54% to $0.0164, erasing most of the previous month’s gains. The price has been creeping higher over the last three weeks, although the real action came yesterday. The Telcoin price jumped 30%, hurdling the key moving averages, clearing trend resistance in the process. However, by the end of the TEL had pared the gains to 16% and closed beneath the trend line. Fortunately for the bulls, the positive momentum has continued today, which may cement the breakout.
TEL Price Forecast
The daily chart shows, Telcoin is trading at $0.2345, above descending trend line resistance (now support) at $0.0210. Significantly, the price has reclaimed the critical 200-day moving average at $0.0207. The 200 DMA, combined with the trend line, offers considerable support between $0.0207 and $0.0210. If Telcoin sustains $0.0207, a logical target for an upside extension is the August high at $0.02980. Moreover, an exaggerated upside move could lift TEL towards the 21st of May high at $0.0400.
The bullish Telcoin price prediction relies on a successful breakout. On that basis, if TEL drops below $0.0207, it will invalidate this thesis.
Telcoin Price Chart (Daily)
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