TEL Technical Analysis – August 2021
Following the bullish trend in the market, TEL has experienced another increase in 2021. It increased by more than 200% in August, reaching close to $0.03. However, recent price decreases might have hinted that the trend is now descending. Despite that, TEL has found support at $0.02, and it might prove to be a turning point for TEL since this level was previously tested throughout the bullish run.
The intraday chart shows high volatility, and the support has seen the price increase again. In the coming hours, this price might increase as TEL looks to retest resistance at $0.022.
Key Structures for Telcoin
- $0.02, $0.019, $0.009
- $0.022, $0.025, $0.03.
After being below the price for almost a month, the 20-day moving average is now at the same place as the price. The upcoming hours may suggest whether this MA can continue to support TEL or if it may turn into resistance. Similar can be said about the 9-day moving average. The 50-day moving average is still below the price and it may support TEL in the longer term.
Relative Strength Index
The RSI is currently at 50, meaning that TEL is neither overbought nor oversold. If TEL finds support at $0.02 again, it might increase again and raise the RSI close to 70.
The signal line has just surpassed the MACD line, indicating that MACD might now head below its baseline. If that occurs, then we might witness a continuation of this downtrend for Telcoin.
Fibonacci retracement levels suggest that TEL may encounter resistance at both the 38.2% and the 50% level if the price retraces.
Looking at TEL from the beginning of its bullish run and checking for possible retracements, TEL might find support at 61.8%, where it was also supported earlier in August.
While it all depends in the coming days, we might also see Elliot waves forming for TEL if its price is stopped at $0.022 and goes further down. With the first four waves having been completed, the last wave could be another price decline. This is why the key structures projected in this analysis can be vital for TEL.
Price Prediction Telcoin – August 2021
Based on this detailed analysis on Telcoin, we might see TEL aim to pass $0.025 if it manages to pass the first resistance. Even if it fails to do so and TEL goes back to $0.02 support, then a double bottom might indicate another price boom for TEL. Despite that, Telcoin’s channel is descending and it is looking bearish if that support fails.
Latest News for Telcoin – Affecting Price
One of the reasons why the price of TEL increased recently was that they raised $10 million on FinTech to further improve DeFi and telecommunication services. Another reason might be the fact that the former product lead of Kraken joined Telcom as Head of Product. His expertise can help improve Telcoin and grow its community as a result, leading to a potential price increase in the long run.
If you want to learn more about Telcoin (TEL), then check out this article:
Telcoin Price Prediction 2021 and Beyond – Is TEL a Good Investment?