- The TEL coin chart shows the 20 and 200 EMA are on the verge of giving a bearish crossover
- The TEL/BTC pair was trading at 0.00000373 BTC with a loss of 4.38%
- The 24hr trading volume in TEL token is $14.6 Million
The remarkable rally for TEL token entered a retracement phase after reaching a peak at $0.29 on August 23rd. However, the pullback went deeper than the expectations of the market bulls, and with that, it also showed the formation of a head and shoulder pattern in the daily time frame. The neckline for this pattern was at $0.158, and on September 20th, the token price managed to break down from this level, indicating more fall in this coin.
Moreover, the TEL traders can use the traditional pivot levels in their chart, as the price seems to be respecting its levels, providing them with a better confirmation and an extra edge.
Concerning the EMA’s, The TEL the token price trading below the crucial EMA, inducing a bearish trend in this token. Moreover, the shows the 20 and 200 EMA are poised to give a bearish crossover, attracting more sellers in the market.
The RSI value (BEARISH) is 41, indicating a bearish sentiment within the TEL token.
TEL token Crypto Chart in the 4hr Timeframe
After the breakdown from the H&S pattern, the TEL token price goes for the retest of the broken level, where the two strong bullish candles have pushed this price back above the broken level. The token price is still at this threshold level, and thus crypto traders need more confirmation before entering the coin market.
The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum in the TEL token. These lines are also on the brink of confirming the above pattern by giving a bearish crossover,
Conclusion: from the technical perspective, the TEL token indicates a strong bearish outlook, where the Crypto traders can look for some good short trades. Thus as mentioned above, the token price struggles to sustain the breakdown of the H&S pattern; however, if it did manage to do so, the TEL traders can have an excellent target till the $0.01 mark.
Support- $0.0156
Resistance: $0.02