A rampant Telcoin (TEL/USDT) has emerged as one of the standout performers of the week after the token surged 58.36% on Wednesday.
The latest entrant into the blockchain-based remittance ecosystem has crept into the list of the top 100 cryptocurrencies after gaining in 9 out of 10 trading sessions.
Much of the coin’s latest rampage was caused by the revelation in Australia’s mainstream media of the commencement of the remittance business in Australia, especially as contactless financial transactions are fast becoming the new norm in the COVID-19 era. Australia’s $16 billion remittance industry is the 11th biggest in the world.
As of the time of writing, Telcoin was trading at just below the 2.8 cents mark. Recall that Telcoin traded at 1.8 cents as of the time of the last analysis piece on this pair on Monday.
Technical Levels to Watch
The surge experienced on Wednesday appears to have stalled at the 0.028 price level; a psychological resistance just short of the 261.8% Fibonacci extension level at 0.02825. A pullback targets the 0.0265 price area (241.4% Fibonacci extension), with 0.0252 serving as an additional barrier before the 0.02 psychological support.
A further price advance which breaks 0.02825 targets the 0.03 psychological resistance, with 0.03163 serving as additional support to the north. 0.03403 and 0.35290 come into the picture as potential targets for the future.