- Summary:
- The Telcoin price (TEL) has finally jumped on the wagon rally, surging 25% and breaking out to the upside. But just how far can the recovery take it?
The Telcoin price (TEL) has finally jumped on the wagon rally, surging 25% and breaking out to the upside. But just how far can the recovery take it? Despite gaining 62% in the last three days, TEL will need to keep up the good work for some time to come if the bulls have any chance of seeing May’s all-time high again.
Much of the cryptocurrency market has been soaring recently, and many coins and tokens have gained considerably. Some like Cardano (ADA) have eclipsed the highs set earlier this year. However, TEL had been lagging behind its rivals. Three weeks ago, we asked: Is TEL about to breakout? Well, in fact, it didn’t at the time and reversed almost 30%. However, this morning it seems the coin has finally got the memo. However, even though the price is starting to pick up, Telcoin is still around 56% below its 2021 peak of $0.0650. But there are some encouraging signs that TEL may start to close this gap. Since last Thursday, the Telcoin price has increased from $0.0169 to almost $0.030 this morning. This has helped TEL climb up the rankings, and its $1.5 billion market cap now ranks it as the 73rd-largest cryptocurrency, behind Enjin Coin (ENJ).
In theory, the Telcoin DeFi platform has a huge addressable market. The project’s aim is simple: To provide anyone with a smartphone access to user-owned decentralized financial products. TEL had an amazing start to 2021 as investors rushed to join the DeFi boom. However, when the bubble popped in May, the crash hit the Telcoin price harder than most. TEL dropped more than 85% through June and July before stabilising in the last three weeks. Although, it’s the most recent performance that is encouraging for the bulls.
TEL Price Forecast
The daily chart shows that yesterday, the Telcoin price broke higher and out of its downtrend. Furthermore, the move that cleared the descending trendline at $0.0218 also lifted TEL above the 50-day moving average at $0.0201 and the 100-day at $0.2020.
A logical target for the bulls is the 1st of July high at $0.0310. Furthermore, should the rally increase momentum, the price could extend to the 21st of May high of $0.0400. This bullish outlook is valid only if TEL stays above the descending trend line at $0.02178. And a move beneath the trend would signal the positive momentum has turned, suggesting lower prices will follow.
Telcoin Price Chart (Daily)
For more market insights, follow Elliott on Twitter.