TEL was introduced to bridge the gap between crypto, blockchain, and the telecommunication industry. The aim is to partner up with big telecom names such as AT&T and Verizon, for billing solutions and mobile money. The TEL technical analysis is as follows:
On June 1, 2021, TEL opened at $0.03. On June 7, 2021, TEL closed at $0.03. Thus, in the past week, the TEL price has been less volatile. In the last 24 hours, TEL has traded between $0.028-$0.035.
Day Ahead And Tomorrow
Currently, TEL is trading at $0.030. The price has decreased from the day’s opening price of $0.035. Thus, the market seems bearish.
The MACD and signal lines are currently at equilibrium. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.
Currently, the RSI indicator is at 49%. It faced rejection at 46% and is currently taking the support. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal for TEL.
The OBV indicator has rejected the resistance and is following a downward trend. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the TEL price.
In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
TEL Technical Analysis
Currently, the price is below the second Fibonacci pivot point of $0.031. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $0.023, $0.001, and $0.0004, respectively.
Currently, the price is testing the 38.2% FIB retracement level of $0.031. It may soon fall below the 23.6% FIB retracement level of $0.023. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.