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

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

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:

Past Performance

On June 24, 2021, TEL started trading at $0.02. As of June 30, 2021, the closing price of TEL was $0.03. Thus, in the past week, the TEL price has hardly been volatile. In the last 24 hours, TEL has traded between $0.024 – $0.032.

Day Ahead And Tomorrow

Currently, TEL is trading at $0.282. The price has decreased from the opening price of $0.313. Thus, the market looks bearish.

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. 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 RSI indicator 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 Fibonacci pivot point of $0.030. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.022 soon.

TEL Technical Analysis

The price has been tested and is currently trading below the 38.2% FIB retracement level of $0.030. If the price falls below the 23.6% FIB extension level 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.



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