- Telcoin crypto’s price rallied with bearish momentum due to multiple failed attempts after November 2021
- Its CMP is close to its current 24-hour low price mark depreciating by 0.77% since yesterday’s closing price
- TEL’s long-term rally continue to setback its price on the daily chart with no chance of its climb
Telcoin’s price action entered the new year with its previous bearish momentum. The token with a market dominance of 0.03% observes a reduction in its market cap by 2.17%. However, in the last 24 hours, its trading volume rose by 16.95%. The GALA/BTC pair underwent an intraday loss of0.69%, while the GALA/ETH pair came out with an increment in its value by 0.53% during the intraday session.
After looking at TEL‘s hourly chart, one can notice the struggle and the gradual descent in its market price. The 50, 100 and 200 EMA lines currently stay above the market price candlesticks. The trend lines above and below the candlesticks form a descending parallelogram to indicate the current decrease in TEL’s price. The formation of an inverted scallop pattern confirms the fall in the crypto’s price.
TEL’s demand stays low due to the current bearish momentum
The daily chart of TEL shows the overall fall in its price over the long term. The RSI graph stays in the neutral zone while representing a fall in demand over time. The token’s MACD line current rallies below the signal line and zero level and got flat-lined to depict the bearish trend in continuation.
Conclusion- Telcoi to continue the current fall over the long and short term. One should wait for the final dip or any signs of a trend reversal before investing with due diligence.
Resistance- 0.0000003215 BTC
Support- 0.0000002043 BTC
DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.