Telcoin was set up in 2017 to bridge the gap between blockchain, cryptocurrencies, and the telecom industry. It is an Ethereum-based token that focuses on providing cheap and high-speed telecom solutions to users. It is partnering up with various telecom companies to remove the hassle between payment gateways and fiat currency. Let us look at the technical analysis of TEL.
<h2><b>Past Performance of Telcoin</b></h2>
On October 18, 2021, TEL started trading at $0.020. As of October 24, 2021, the closing price of TEL was $0.018. Thus, <a href="https://www.cryptoknowmics.com/news/tel-technical-analysis-trend-reverses-broken-previous-resistance-at-the-0-019-level/">in the past week</a>, the TEL price has hardly been volatile. In the last 24 hours, TEL has traded between $0.018-$0.019.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/n/nt2nsnLp.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/nt2nsnLp/">https://www.tradingview.com/x/nt2nsnLp/</a>
<h2><b>TEL Technical Analysis</b></h2>
Currently, TEL is trading at $0.018. The price has decreased from the opening price. Thus, the market looks bearish.

The<strong> MACD and signal lines</strong> are in the negative zone. Plus, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a price pullback.

However, both the lines are close to the zero line and may change signs soon. If buying pressure takes over the selling pressure, we might witness a clear breakout on the upside. A breakout in the positive zone will definitely highlight buy signals for TEL.

The <strong>RSI indicator</strong> is at 50.79%. It has risen from the 45% mark. Thus, indicating that the buying pressure is high in the market. Hence, we can expect the price to rise for some time.
<h2><b>Day-Ahead and Tomorrow </b></h2>
The price has fallen below the <strong>Fibonacci pivot point</strong> of $0.023. As some of the oscillators have shown bearish signals, we can expect the price to fall below the <strong>first Fibonacci pivot support level</strong> of $0.015 soon. Traders can take a short position here, keeping a target of $0.013.

The price has tested and is currently trading below the <strong>38.2% FIB retracement level</strong> of $0.023. If the price falls below the <strong>23.6% FIB extension level</strong> in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

TEL Technical Analysis: Bearish Signals, Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.015

Telcoin (TEL) has tested and is currently trading below 38.2% FIB retracement level of $0.023. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. 

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

TEL Technical Analysis: Bearish Signals, Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.015

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