TEL Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.015

Telcoin was set up in 2017 to bridge the gap between blockchain, cryptocurrencies, and the telecom industry. It is an Ethereum-based token that focuses on providing cheap and high-speed telecom solutions to users. It is partnering up with various telecom companies to remove the hassle between payment gateways and fiat currency. Let us look at the technical analysis of TEL.

Past Performance of Telcoin

On September 16, 2021, TEL started trading at $0.021. As of September 23, 2021, the closing price of TEL was $0.001. Thus, in the past week, the TEL price has hardly been volatile. In the last 24 hours, TEL has traded between $0.016-$0.017.

TEL Technical Analysis

Currently, TEL is trading at $0.016. The price has decreased from the opening price. Thus, the market looks bearish.

The MACD and signal lines are in the negative zone. In addition, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish, and we can expect a price pullback.

However, both the lines are close to the zero line and may change signs soon. If buying pressure takes over the selling pressure, we might witness a clear breakout on the upside. A breakout in the positive zone will definitely highlight the buy signal for TEL.

The RSI indicator is at 44.79%. It has just fallen from the 45% mark. Thus, indicating that the selling pressure is high in the market. Hence, we can expect the price to fall for some time.

Day-Ahead and Tomorrow

The TEL price has fallen below the Fibonacci pivot point of $0.023. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.015 soon. Traders can take a short position here, keeping a target of $0.013.

The price has tested and is currently trading below the 38.2% FIB retracement level of $0.023. If the price falls below the 23.6% FIB extension level within the day, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

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