The Telcoin price has surged in the past few days as investors cheer the launch of the platform’s third version of the app. The TEL price is trading at 0.0274 USDT, which is about 60% above the lowest level last week. Still, the price is about 25% below its highest level this week.
What is Telcoin and why is its price rising?
Telcoin is an Ethereum-powered blockchain platform that enables people to send money at a faster and cheaper rate. The platform’s average price of sending money globally is about 2% of total value of the funds. This is significantly lower than the average rate of about 7%.
Today, Telcoin is being used by several companies in the blockchain industry like Balancer, Coingate, and KuCoin. Other non-blockchain companies like Jumia, Plaid, and Paga are using it.
The Telcoin price is rising after the developers launched the application layer of V3 on the Telcoin Platform. This upgrade includes some key features. For example, to boost its speed, Telcoin moved its wallets and users to the Polygon Network. Polygon is a layer application that boosts the speeds of Ethereum apps. Also, the TEL price rose as investors cheered the expansion to other markets like Singapore, Australia, and Mexico.
Telcoin price prediction
On the four-hour chart, we see that the Telcoin price has been in a strong bullish trend lately. What’s important is that the coin managed to move above the key resistance at $0.0260, which was the highest level on October 14th. It was the previous all-time high.
Now, the price has retreated and is about to retest this level. This formation is known as a break and retest. It is where the price retests a key support or resistance level after a breakout.
The bullish trend is also being supported by the short and longer-term moving averages. Therefore, I suspect that the TEL price will resume the bullish trend in the near term. If this happens, the next key level to watch will be at $0.035. On the flip side, a drop below $0.023 will invalidate the bullish view.
