TEL Technical Analysis: Price Relatively Stable, Latter Part of the Week Saw an Increase in Price

Ankita  |  Oct 26, 2021

Telcoin was founded by Claude Eguienta and Paul Neuner. It was officially released in 2017, and it is 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. Telcoin Pte. Ltd. Established in July 2017 in Singapore, Telcoin leverages blockchain technology to provide access to decentralized financial services on any mobile device.

Let us look at the technical analysis of TEL.

Past Performance

On 19 October 2021, TEL opened at $0.01952. The price remained relatively stable, and the latter part of the week saw an increase in the price. It closed yesterday at $0.02043. This was a positive change of 4.66% over the week.

TradingView Chart

TEL Technical Analysis

The price chart of TEL took support at $0.0184 on 24 October 2021, after which the price is increasing. The chart is showing positive signals today as well. This is because the current trading price of TEL is 0.02056 which is 0.75% higher than the previous day’s close.

OBV is showing an uptrend in its graph, which is a bullish signal. This means that the price is likely to increase, and the traders may take a long position.

RSI is currently at 55.56% and is moving upwards. This is again a strong bullish signal, meaning that the traders may take a long position here.

MACD, being a lagging indicator, is confirming the last week’s reversal in the trend, It can be seen that the fast line has reversed its direction and is now about to take over the slow line. There is no divergence of the price chart from the MACD graph.

Day-Ahead and Tomorrow

Fib numbers suggest that the price has started the increase in price while touching the fib pivot point at $0.02. The next fib level at $0.021 will be tested soon.

Thus, the indicators are giving strong bullish signals, which means the price is likely to increase. The traders may take a long position here. The target can be kept at $0.023 while keeping the stop-loss at $0.019. However, the price may begin to decrease as well, because earlier it faced resistance at similar levels.

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