Telcoin (TEL/USD) shows signs that it’s ready to join the altcoin rally, and a successful support test could propel the Telcoin price much higher. With many cryptos flying and some reaching new records, investors desperately search for the next one to pop. Although Telcoin has seen mixed results over the last two weeks, positive developments in the last two days could make it a prime candidate to play catch up.
What is Telcoin?
Telcoin leverages blockchain technology and partners with telecom operators to allows anyone with access to a smartphone to bypass remittance agents like Western Union and Paypal and make instant, low-cost money transfers. The project started in Singapore, where Telcoin is regulated as a Major Payment Institution. Although it now has offices and licences in various global jurisdictions.
Telcoin Price performance
Like most major cryptocurrencies, Telcoin got off to a flying start this year. In the first five months of 2021, TEL jumped an astonishing 38,000% to set an all-time high of $0.0649. However, the Tecloin price lost 85% in May’s crypto market collapse and, since then, has struggled to fond the same form. As a result, TEL’s total value has dropped from just under $3billion to its current market cap of $1.3b. This ranks it as the 87th-largest cryptocurrency, behind the Basic Attention Token (BAT/USD).
TEL/USD Technical Analysis
The daily chart shows that in late July, the Telcoin broke above a descending trend line at $0.2240 on its way to $0.0298. However, the trend breakout failed to attract follow-through buying, and as a result, TEL is retesting the trend, now at $0.0198.
Currently, the trend support is holding up, and TEL has managed to bounce 14% to $0.0234. The tightly grouped 50 and 100-day moving averages sit just above the trend line, reinforcing the robust support. Therefore, this is a significant level and should the price continue to maintain above the trend, it’s likely to head higher, and in this event, a move towards the June high of $0.0385 looks probable.
However, the bullish view relies on trend support. And on that basis, if the price falls below $0.0198, it will invalidate the thesis.
Telcoin Price Chart (Daily)
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