Telcoin (TEL) has been one of the most volatile coins in the market. The coin has had been consolidating with no real move in the market since the drop. The coin went on to create its ALL TIME HIGH at a price of $0.064 on 11th May 2021. During this whole time, the coin created a bottom of $0.009. It was a fast wick down to the price before closing to a price of $0.02. Traders who caught the wick down are lucky enough to have more than 100% increases in that day alone. Currently, the coin is being traded at a price of $0.0197. According to CoinMarketCap, the coin has had a decrease of 6.55% in the last 24 hours but an overall increase of 14.94% in the last 7 days and has a total supply of 100B coins. The coin is currently ranked at 84 on the website.
Telcoin (TEL) Technical Analysis
Seeing the market on a daily timeframe, it’s clear that the market is behaving in a bearish trend since May 2021. It’s clearly making Lower Low & Lower High within a descending channel since then. Recently the market has showed some impulsive to the upside but on 26 July it has come across into consolidation again. The Telcoin market can’t be considered in an uptrend unless and until the level of 0.0309 level gets broken because it has been acting as the previous market structure i.e. Lower High. On 26 July and 11 August market tried to break the consolidation but was unable to do so leaving behind buy-side liquidity. The market tends to take out liquidity so it can be expected for the market to push up to 0.0299 before moving to 0.0120.
Will TEL stay above the trend line?
Moreover, at the moment the price hasn’t even broke the trend line, so to break it a huge volume will be required, which can never be guaranteed. Current support for the Telcoin is at around the price of $0.017 and the resistance around $0.022. Break either and we can expect a move. Confirmations on a lower time frame would be a plus for the movement.
So what else can be expected? The market may never go for liquidity trapping bulls, and may directly fall down. This shall be decided on the BTC movement as to how it behaves in the upcoming days and how it gets manipulated by the major holders and news effects.
