Telcoin (TEL) recorded an increase of 13.3% in just 24 hours, accompanied by a trading volume explosion of up to 177%. This surge stems from testing the important short term support level at 0.00475 USD.
This altcoin is on a long-term upward trend, following a strong breakout in early November due to positive news. On November 12, Telcoin announced that it had received final charter approval from the Nebraska Department of Banking and Finance to launch the Telcoin Digital Asset Bank (, making Telcoin the first blockchain bank.
The flagship product of the bank, eUSD, will be the first US dollar stablecoin issued directly on-chain by a bank. “This demonstrates that a bank can responsibly issue digital currency on-chain while fully complying with the regulations of US authorities,” emphasized Paul Neuner, Founder and CEO of Telcoin.
This information has created a strong wave of demand for TEL, the native token of Telcoin. Just under three weeks after the announcement, TEL has increased by up to 83%. Technical analysis shows that the upward trend continues, but in the past 10 days, the market has been undergoing a consolidation phase, laying a solid foundation for the next advances.
Decoding the upward trend of Telcoin
![])https://img-cdn.gateio.im/webp-social/moments-3b482ef503f98061f2d7e31842c0f758.webp(Daily chart of TEL/USDT | Source: TradingViewThe 1-day timeframe shows that the previous downtrend was broken on 12/11, when the lower peak level of 0.003 USD)orange( was surpassed, paving the way for new swing points of the uptrend. The important bottom level of 0.00446 USD continues to serve as key support, helping the uptrend maintain stability. Meanwhile, the unbroken supply zone)white box( from 0.0056–0.0061 USD remains the resistance level to watch.
![])https://img-cdn.gateio.im/webp-social/moments-62ab3330001804616dce1b4d574900ff.webp(TEL/USDT hourly chart | Source: TradingViewOn the 1-hour chart, TEL is fluctuating within a 9-day )purple( range from 0.0047 to 0.0057 USD, with the midpoint of 0.0052 USD acting as both support and resistance in recent sessions. The OBV index has increased significantly in the last 24 hours, coupled with bullish signals from the MACD, indicating strong buying volume along with upward price momentum.
However, traders should not rush to expect a breakout. Instead, restraining FOMO and taking advantage of the extremes of the trading range to buy and sell TEL will be more effective, especially when the short-term price action and indicators still lean towards a bullish trend. In other words, TEL is not a coin to “buy immediately”, but a token suitable for short-term traders to take profits.
SN_Nour
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Fractal data: The price of TAO on Bittensor could drop sharply by 40% within five weeks.
Bittensor (TAO) recently surged 160%, but signs of weakness are appearing with a golden cross formation, historically leading to significant pullbacks. Past instances suggest a potential 40% decline in the coming weeks, amidst overbought conditions and macroeconomic pressures. Despite increased discussions surrounding TAO, investor sentiment remains cautious.
TapChiBitcoin24m ago
The Iran conflict drove Ethereum to rise against the trend, and Tom Lee advised selling gold to buy cryptocurrencies
Since the war between the U.S. and Iran began at the end of February, Ethereum has performed exceptionally well, outperforming several major assets. Fundstrat's research shows that Ethereum has risen 17% against the S&P 500, and Tom Lee believes it has significant potential as a risk-averse asset. He predicts that Ether could rise to $250,000, and multiple institutions are optimistic about investing in it. Currently, the price of Ethereum is fluctuating around $2,000, with market attention continuously increasing.
GateNews28m ago
Zilliqa faces downward pressure as bears dominate the market.
Zilliqa (ZIL) has dropped below $0.0040, indicating market weakness. On-chain data and derivatives suggest a bearish trend, with increasing selling pressure and a negative funding rate indicating further downside risk in the near future.
TapChiBitcoin30m ago
Dogecoin (DOGE) falls, attracting whales to buy in, while ETF investors remain inactive.
Dogecoin has fallen over 5% in the past 24 hours, with a price around $0.091, and the total market capitalization has decreased to approximately $2.4 trillion. Technical indicators show increased short-term selling pressure, with support around $0.092. Although institutions remain cautious, some retail investors are seizing the opportunity to buy, and there is still hope for a breakout above $0.10. Additionally, Qubic plans to launch Dogecoin mining on April 1, which could bring new vitality to its ecosystem.
GateNews35m ago
Crypto Market Drops As $BTC and $ETH Fall With Persisting Fear Index
The global crypto market is experiencing a downturn, with a total market cap of $2.36T and significant declines in Bitcoin and Ethereum prices. Major gainers like Black Phoenix have surged dramatically. DeFi and NFT sectors are also seeing decreases, alongside regulatory actions in India and the UK.
BlockChainReporter38m ago
CEX CEO: The US stock market evaporated over $1 trillion in a single day, while Bitcoin's performance remained relatively stable.
On March 27, a CEX CEO said that the sharp drop in U.S. stocks reflects a rapid repricing of macro risks across global markets. Rising oil prices and geopolitical impacts are influencing global capital allocation. Despite Bitcoin’s short-term high volatility, its relatively resilient performance suggests that leverage in the crypto market is falling, and some investors view Bitcoin as a neutral allocation choice.
GateNews40m ago
