Telcoin (TEL) is one of the worst-performing cryptocurrencies in the weekly timeframe. Telcoin is on a sharp downward trend with the bears dominating the cryptocurrency. TEL crypto had also been highly volatile with a few minor upside breakouts. At the time of writing, Telcoin stands at a price level of $0.020. The price has declined by 10% in the past twenty-four hours while the trading volume has climbed up by 30%. Whether the sellers will continue to overpower the buyers, is yet to be seen.
Telcoin (TEL) technical analysis
The market outlook for Telcoin is strongly bearish. Out of the total twenty-six technical, indicators, fifteen are giving out a signal of sell with nine standing at a neutral position and only two indications at buy. Both the oscillators and moving averages are bearish – the moving averages more so than the oscillators.
Telcoin (TEL) has been operating in a descending channel formation since the peak in May at $0.064. The bearish momentum has been dominant for two months. TEL crypto is near some crucial resistance and support levels. The cryptocurrency can find support at the price level of $0.018 which lies parallel to the Fibonacci retracement level of 0.786. The nearby resistance level lies at the 0.236 Fibonacci level – $0.027. The resistance also coincides with the upper boundary of the channel which makes it a major resistance.
Telcoin (TEL) price prediction
The Ethereum based cryptocurrency aims to be a bridge between the blockchain and the telecommunications industry. As the adoption of the blockchain technology increases, its incorporation in various industries will also rise – pulling cryptocurrencies like Telcoin upwards. The long-term price prediction for TEL crypto is optimistic. Wallet Investor predicts Telcoin will be priced at $0.169 in five years’ time – more than 700% increase. Digital Coin Price also expects a price increase from the cryptocurrency, although not as vigorous. Per their estimates, Telcoin will be trading at $0.092 by 2028 – an increase of 360%.