TELCOIN (TEL) 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. The TEL technical analysis is as follows:
<h2><strong>Past Performance </strong></h2>
On June 24, 2021, TEL started trading at $0.02. As of June 30, 2021, the closing price of TEL was $0.03. Thus, <a href="https://www.cryptoknowmics.com/news/is-telcoin-tel-cryptocurrency-a-bump-and-dump/">in the past week</a>, the TEL price has hardly been volatile. In the last 24 hours, TEL has traded between $0.024 - $0.032.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/v/VsmhSx15.png" alt="https://s3.tradingview.com/snapshots/v/VsmhSx15.png" width="867" height="598" />

<a href="https://www.tradingview.com/x/VsmhSx15/">https://www.tradingview.com/x/VsmhSx15/</a>
<h2><strong>Day Ahead And Tomorrow </strong></h2>
Currently, TEL is trading at $0.282. The price has decreased from the opening price of $0.313. 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 lines and may change signs soon. If buying pressure takes over the selling pressure, we might witness a clear breakout on the upside for TEL.

The <strong>RSI indicator</strong> is at 50.79%. It has just fallen from the 56% mark. Thus, indicating that the selling pressure is high in the market. Hence, we can expect the price to fall for some time.

The price has fallen below the <strong>Fibonacci pivot point</strong> of $0.030. 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 $0.022 soon.
<h2><strong>TEL Technical Analysis </strong></h2>
The price has been tested and is currently trading below the <strong>38.2% FIB retracement level</strong> of $0.030. If the price falls below the<strong> 23.6% FIB extension level</strong> of $0.022 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, in case the buying pressure increases. You can expect the price to break the strong resistance at a level of $0.033. Once the price breaks this level, traders can take a long position, keeping a target at $0.041 and stop-loss at $0.025.

TEL Technical Analysis: Price Has Fallen Below the Fibonacci Pivot Point of $0.030

Can expect the TEL price to break the strong resistance at a level of $0.033, once price breaks this level, traders can take a long position keeping a target at $0.041 and stop-loss at $0.025.

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: Price Has Fallen Below the Fibonacci Pivot Point of $0.030

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