Telcoin(TEL) Struggles at Historical Bounce Zone, Is Reversal Possible Soon?

The post Telcoin(TEL) Struggles at Historical Bounce Zone, Is Reversal Possible Soon? appeared first on Coinpedia Fintech News

Highlights

• Telcoin (TEL) currently has been down by 36% in the past 7 days alone, reflecting the bearish pressure and lack of buying support. 
• Support and Resistance Levels hanging near previous trigger positions $0.0040, $0.0075, $0.012
• The new remittance-focused developments could not overcome the technical, resulting in weak momentum.

Telcoin’s Price Struggles

TEL/USDT has been struggling this week, dropping 35.61% in price. Even with bullish developments, the price action left much to be desired, indicating that technical factors currently override fundamentals in short term. 

Telcoin price is now testing its key support at $0.0050; if this fails, the next potential target for downside is $0.0040 (200-day SMA). Resistance levels at $0.0075 and $0.012 must be reclaimed for any bullish momentum to build. With 24-hour trading volume at 3.69M down 35.09% from the previous day, TEL is back in the downtrend. 

The RSI at under 40 displays overall weakness still. The first sign of recovery should be the rise above $0.0075.

Telcoin On-Chain Vibes Good With Holder Sentiment

At the current Telcoin’s (TEL) price of $0.005816, 98.31% of the total supply analyzed indicate that most holders acquired TEL at lower prices and are in profit. 

This suggests strong investor confidence and lower selling pressure at current levels. Conversely, only 1.48% of TEL holders are “Out of the Money,” meaning a small portion of investors bought at higher prices and are at a loss. Additionally, 0.21% of TEL holders are at breakeven, having purchased the asset near its current price.

Historical data shows that in September 2024, TEL was trading at $0.001349, with 53.08% of holders in profit and 45.31% at a loss. The significant increase in profitable holders today suggests a strong bullish trend over time. 

However, potential resistance zones could emerge if TEL approaches $0.0070-$0.0075, as some loss-making holders may seek to exit. On the other hand,  critical support may form in the $0.0040-$0.0045 range, where some profitable holders might accumulate more tokens.

Overall, with a dominant percentage of profitable holders (98.31%), Telcoin’s on-chain data reflects positive market sentiment, low immediate sell pressure, and the potential for further price appreciation if key resistance levels are breached.

Can Telcoin Regain Bullish Momentum?

Despite the recent 35% price drop, Telcoin’s on-chain data indicates strong investor confidence, with 98.31% of holders still in profit and low immediate sell pressure.

However, technical resistance at $0.0075 and $0.012 must be overcome for bullish momentum to return. If support at $0.0040 holds, accumulation could provide a base for recovery. A sustained move above $0.0075 would signal the first sign of strength, making it crucial for traders to watch upcoming price action closely.

Track Telcoin price here : https://markets.coinpedia.org/telcoin/