TEL Technical Analysis: Bullish Market, Look for Sustaining Above the Resistance Level of $0.025

Telcoin (TEL) was established in 2017 on Ethereum-based blockchain technology. The main aim is to bridge the gap between crypto, blockchain, and the telecommunication industry. It aims to provide a better billing platform than an existing one. Let us look at the technical analysis for TEL.

Past Performance

On 5 July 2021, TEL started trading at $0.024. As of July 11, 2021, the closing price of TEL was $0.017. In the last 24 hours, TEL has traded between $0.014 – $0.018.

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Day-Ahead and Tomorrow

Currently, TEL is trading at $0.181. The price is up by 4% from the opening price. Thus, the market looks bullish for the day. However, we will get the confirmation of the bullish trend once the price breaks and sustains above the resistance level of $0.025. It will be a pennant breakout, which will then confirm the trend reversal. However, until then, traders can scalp to make some profits.

On the daily charts, the MACD and signal lines 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 for TEL.

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.

TEL Price Analysis

Currently, the RSI indicator is at 38.45%. It has a lot of potentials to rally from here. Moreover, it has broken its long-term bearish trend. We have to see how much time it sustains at this level. Thus, indicating that the buying pressure is increasing in the market. Hence, the leading indicator is indicating a rise in the price for the rest of the day. However, intraday traders can take a support level of $0.176, and trade accordingly.

The TEL price is currently trading below the Fibonacci pivot point of $0.019. As some of the oscillators have shown bullish signals, we can expect the price to rise and test the Fibonacci pivot resistance level of $0.0191 soon. If the price breaks and sustains above this level, traders can go long. With a target of $0.021 and keep the stop loss at $0.018.