Telcoin's Recent Shifts: Analyzing the Trend Reversal

Telcoin has experienced a significant upswing recently, increasing by 13.3% within 24 hours, alongside a remarkable 177% rise in trading volume. This growth follows the announcement of key developments, including the approval of its Digital Asset Bank by the Nebraska Department of Banking and Finance.

Key Takeaways

Price Surge: Telcoin's price increased by 13.3% in just 24 hours.
Volume Spike: Trading volume surged by 177%.
Bank Approval: Telcoin received approval for its Digital Asset Bank.
New Token Launch: The bank plans to introduce the eUSD, a stablecoin tied to the U.S. dollar.
Current Trends: Despite recent gains, there’s a consolidation phase ongoing, signaling caution for traders.

Telcoin settles down after a swift trend reversal - What's next?

Examining the Bullish Trend for Telcoin

Telcoin 1-day Chart

Source: TEL/USDT on TradingView

On the 1-day chart, we can see how Telcoin broke its bearish trend on November 12th. The previous lower high at $0.003 was surpassed, leading to new high points in this upward trend. The price level of $0.00446 has established itself as a crucial higher low, which is essential for maintaining the bullish trend. However, the supply zone between $0.0056 and $0.0061 remains unbroken.

Telcoin 1-hour Chart

Source: TEL/USDT on TradingView

The 1-hour chart reveals a price range between $0.0047 and $0.0057 that has formed over the past nine days. The mid-point of $0.0052 has acted as both support and resistance recently.

The On-Balance Volume (OBV) has shown an upward trend over the last 24 hours, while the Moving Average Convergence Divergence (MACD) has generated a bullish crossover, reflecting increased buying volume and positive price movement. Nevertheless, traders are advised to be cautious and avoid a rush to invest, even with short-term indicators appearing bullish.

Instead of jumping into purchases, traders should consider the extremes of this price range for buying and selling TEL, despite the overall positive market sentiment. Therefore, while TEL may not be a strong buy at this moment, it offers an opportunity for lower timeframe traders to secure profits.

Final Thoughts

Disclaimer: The information provided is for informational purposes only and should not be interpreted as financial or investment advice. This content reflects solely the opinion of the author.