- The TEL token price has been trending lower in the falling channel and has recently hit support.
- The 200-day EMA is providing support to the coin price and may soon push it higher.
- The pair TEL/BTC is trading at 0.0000005375 BTC with an intraday fall of -9.48%.
TEL token price has been moving inside a falling parallel channel for a couple of months and has soon reached the support trendline of the falling track.
The TEL coin price seems to have found near the $0.16 mark as it has started to rise higher from this point onward. Furthermore, the coin price gains the support of 200-day EMA, projecting an upside movement till the resistance line of the channel.
As per the pivot points standard, TEL token price may find support at $0.019 and $0.010. However, the up move in the chart is improbable considering the market conditions—nonetheless, the pivot resistance level at $0.029 and $0.040.
Presently, the TEL token price is $0.01826, with a 21.37% jump in the intraday trading volume. In addition, the telcoin market cap has risen by 16.17% in the last 24 hours.
TELCOIN Token Price Starts Bullish Uptrend
In the 4-hour technical chart of TEL tokens, the coin price seems to move higher after forming a morning star pattern near the $0.16 mark. The coin price has made successive bullish candles before facing opposition near the 50 EMA.
Investors might observe the coin price reaching the heights of $0.027 before the resistance of the falling channel pushes the price back down. However, if the bullish uptrend fails abruptly, the coin price may hit the low of $0.12.
The relative strength indicator projects a slowly rising underlying bullish momentum as the RSI slopes rise gently above after trailing above the oversold zone.
The ADX indicator implies a high trend momentum.
Conclusion- The TEL token price resonates within a falling channel that increases the possibility of the price hitting the resistance trendline rather abruptly reversing in between the trend. However, investors must pay close attention to price action to spot early reversal.
Support – $0.012 and $0.010
Resistance– $0.027 and $0.040