Telcoin has risen 13.3% over the last 24 hours with 177% more trading volume. This rally was triggered by a test of $0.00475, a short-term key support level.
After news broke in early November, the altcoin’s price increased dramatically.
It is the 12th day of November. Telcoin announced Nebraska Department of Banking and Finance has granted final approval of its charter to launch Telcoin Digital Asset Bank
Telcoin will be the first Blockchain bank with this new charter.
The first stablecoin issued by a bank, the eUSD is based on the U.S. Dollar.
Telcoin’s founder and CEO, Paul Neuner stated that the onchain digital currency can be issued responsibly by a bank in line with U.S. regulations.
This move has led to an overwhelming demand TELThe blockchain native token. TEL’s price has risen by 83% over the last three weeks, since its announcement.
In the technical analysis, there was a strong bullish trend. However, over the past 10 days a consolidation period has begun.
Telcoin: The bullish trend is a tangle to untangle
TradeView: TradingView TEL/USDT
On the 12th November, the previous bearish structure of the 1-day timeframe was broken. Former lower highs (orange) of $0.003 were overwhelmed and new pivot points for the upward trend established.
The key level of $0.00446 was the higher low which is maintaining the upward trend. The supply zone (white boxes) between $0.0056-$0.0061 is still not over.
Source: TradingView, TEL/USDT
The chart for 1 hour showed the formation of a 9-day range (purple), from $0.0047 – $0.0057. Recently, $0.0052 was used as both a support level and a resistance point.
In the last day, the OBV had risen and the MACD showed a bullish cross-over. Both indicators indicated a large volume of buyers and a price trend upward. The traders must not rush to place bets on breakouts.
The short-term indicators and price movement were strong bullish, but instead they need to rein in FOMO.
TEL is not a purchase, it’s a token on which shorter-term traders can make profits.
Last Thoughts
- Telcoin surged by 83% following the announcement that its charter was approved to launch a Digital Asset Bank. This news sparked demand.
- Before traders can buy, the nine-day high of $0.0057 must be turned into support. Expect the range to continue until then.
Disclaimer: This information is not intended to be a financial, trading or investment advice. It represents the sole opinion of the author.
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Source: ambcrypto.com
