TEL Technical Analysis: Wait and Watch for the third Fibonacci Pivot Resistance Level of $0.016

Telcoin is a remittance platform powered by blockchain technology that facilitates instant money transfers at affordable costs. It is compatible with mobile technology and can reach a wider audience with a contactless service. It is a unique model for telecom adoption and follows an incentive-based system. Furthermore, it is hack-free and flexible too. TEL is the native token of this network. Let us look at the technical analysis of TEL.

Past Performance

On Jul 16, 2021, TEL opened at $0.013. On Jul 22, 2021, TEL closed at $0.014. Thus, in the past week, the TEL price has increased by roughly 8%. In the last 24 hours, TEL has traded between $0.013-$0.015.

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Day-Ahead and Tomorrow

Currently, TEL is trading at $0.015. The price has increased from the day’s opening price of $0.014. Thus, the market seems bullish.

The MACD and signal lines are turning negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling soon.

Currently, the RSI indicator is at 53%. It faced rejection at 37% and rose to the current level. Hence, buying pressures are high. High buying activity will exert upward pressure on the TEL price.

The OBV indicator is also upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, the RSI and OBV indicators have given bullish signals, while the MACD indicator has given bearish signals. Thus, we can expect intermittent price pullbacks amidst an overall bullish trend.

TEL Technical Analysis

Currently, the price is above the second Fibonacci pivot resistance level of $0.0152. The price may soon break out of the third Fibonacci pivot resistance level of $0.016. Thereafter, we have to wait and watch if the price continues to rise or starts falling.

Currently, the price is above the 23.6% FIB retracement level of $0.0145. It may soon break out of the 23.6% FIB extension level of $0.0155. If the price retests and falls below these levels by day end, a price downtrend has set in. In that case, the price may continue declining tomorrow as well.