- The Telcoin price has given a 24.12% return during the weekly trading session.
- Technical indicators summary suggested a positive signal in the current phase.
- The trading volume has increased by over 70% in the last 24 hours.
Telcoin (TEL) is a user-owned decentralized financial platform powered by Telcoin users, network operators, and Financial service providers. It enables seamless access and powers a global suite of user-owned, decentralized financial products. TEL is an ERC-20 token on the Ethereum network. The users can store and transact their assets using a 2 for 3 multi-signature Ethereum wallet in the Telcoin Mobile Application.
Telcoin has Recorded Over 370% of Profits During Six-Month Session
TEL price showed positive results from the $0.0008 support level in October 2023. It made bullish remarks for two consecutive months, which resulted in an upsurge of over 100% till December 2023. Afterward, the price faced bearish drawbacks.
The cryptocurrency took two months for a bullish correction, December 2023 and January 2024. The price lost over 60% of its value during the correction period. However, the TEL price is returning to track, showing tremendous recovery.
Telcoin’s maximum supply is set at 100 billion tokens, which holds a fully diluted valuation of $472 million. It can help gain people’s trust and prevent the cryptocurrency from inflation. Telcoin has released 87.64 billion TELs, 87.65% of the maximum tokens.
Price to Volume and Social Dominance Analysis
The average social buzz of the TEL coin reflects the dominance of 0.1% of the crypto world. The volume has recently increased along with the price, indicating the increasing demand. Social dominance has currently declined to 0.068%, and the price remains unaffected.
The 24-hour trading volume of the cryptocurrency is at $3.55 million, ranked 794th out of all 9,269 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is at 0.85%, reflecting lower liquidity.
Technical Analysis of the TEL Coin
The current price is moving above the 50-day and 200-day exponential moving averages. Both the EMAs had a golden crossover at $0.0012, reflecting the strong bullish sentiments. The 50-day EMA can become a dynamic support for TEL price.
Telcoin price has given a breakout from the $0.0028 resistance. The price surged over 100% from the breakout and made a retracement on the $0.0033 decisional POI. Some solid bullish reactions were derived from the POI, leading the price upward.
At press time, the TEL coin price is trading at $0.0047. The price can rise to the $0.0073 resistance if it closes above the $0.0048 level.
Moreover, the relative strength index (RSI) reflects an internal bearish divergence in the price momentum. It indicates an increase in selling pressure in the current phase. However, the RSI and signal line are coming together, showing a neutral perspective.
Summary
Telcoin price has gained a robust bullish momentum since February 2024. The cryptocurrency surged almost 375% from the $0.0012 demand zone. At present, the price is moving toward the $0.0058 resistance. If the price closes above the $0.0048 level, it may be seen rising toward the $0.0073 resistance.
Technical Levels
- Resistance Levels: $0.0058 and $0.0073
- Support Levels: $0.0028 and $0.0015
Disclaimer
The views and opinions stated by the author or any person named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with a risk of financial loss.