Telcoin has recovered remarkably well from Wednesday’s crypto market slaughter. The TEL/USDT pair fell to as low as $0.01, but has gained about 250% since then. This makes it one of the better performing cryptos in terms of recovery from the market crash.
The resilience of Telcoin has come from the proposed Nebraska bill to establish crypto and digital asset banking framework for the entire state of Nebraska. If this bill sails through, this could be very good indeed for Telcoin. This project is going beyond traditional remittance business and is actively seeking to acquire a digital banking license.
Telcoin is presently up 0.81% on the day.
Technical Levels to Watch
Telcoin achieved a 3% penetration close above the 0.34 (50% Fibonacci retracement) yesterday. This Friday, it surged initially to 0.40 before a retracement took it back to present levels at 0.365. The expectation is for the price to trade between 0.34 (floor) and 0.40 (ceiling).
Further recovery on the token requires that the 0.40 ceiling gives way, opening the door towards 0.45 and 0.483 (6 May, 14 May, and 18 May highs). Above these levels, the new targets of 0.50 (23.6% Fibonacci retracement) become the new targets, as does 0.59 and the ATH at 0.65.
On the flip side, a decline below the 0.34 price floor allows bears to target 0.30 initially, with 0.26 (13 May low) and 0.20 (3 May high) forming additional downside targets.