TEL Technical Analysis: Look Out for Trend to Break Resistance at $0.0199

Ankita  |  Oct 6, 2021

Telcoin was founded by Claude Eguienta and Paul Neuner. It was officially released in 2017 as an Ethereum-based cryptocurrency. TEL was created for the purpose of making crypto transfers easier and faster. It is mobile-friendly, fast, and one of the most affordable cryptocurrencies out there. Let us look at the technical analysis of TEL.

Past Performance of Telcoin

On September 29, 2021, TEL opened at $0.014. The trend reversed itself and the past week saw an uptrend. The week came to an end with a close at $0.019 on October 5, 2021. This was about a 35% change across the week.

TradingView Chart

TEL Technical Analysis

TEL took support multiple times at the level of $0.014, thus forming its base. After that, higher highs and higher lows were seen continuously, which is a strong bullish signal. However, the trend was unable to break the resistance level at $0.0199. This indicates that traders may take a long position if the price breaks that resistance level of $0.019.

Currently, TEL is trading at $0.0191, which is 0.85% down. Since the price is close to the resistance level at $0.0199, we may wait before making a call to see if the trend continues or reverses itself.

OBV is also in an uptrend, which indicates that the buying pressure is greater than the selling pressure. This again is a bullish signal and traders may consider taking a long position.

RSI is at 57% and also in an uptrend and has broken out its long-term resistance which was at equilibrium. This is again a strong bullish signal and traders may take a long position.

MACD is showing no divergence from the price chart. However, the fast line is crossing over the slow line and both the lines are heading towards the positive region. Hence, this is again a strong bullish signal. Also, being a lagging indicator, MACD clearly confirms last week’s uptrend.

Day-Ahead and Tomorrow

Fib retracement shows that the resistance level will be tested at $0.02. Hence, traders may consider taking a long position once this resistance level is broken. They can keep the target at $0.025 and place the stop-loss at $0.018.

Thus, all the indicators show a strong bullish signal. Traders may consider taking a long position, but we must wait to watch if the price breaks the resistance before making a clear call.

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