Telcoin (TEL) has attracted market attention with its incredible price surges over the past few months. However, its recent pullback over the past week prompted traders to raise concerns about the asset’s future price movement. In response, crypto analyst Ali Martinez shared metrics projecting that TEL could see price growth soon.
Telcoin to rise 22%
According to a technical chart reported by Martinez today, Telcoin has formed a falling wedge bullish pattern on its four-hour timeframe. This chart normally forms before a significant upward momentum happens.
Since TEL is currently trading at $0.01091, it remains to see if can break through the crucial $0.0127 resistance level. A successful move could create a 22% jump, bolstering the price to around $0.0154.
TEL price updates
Telcoin is currently facing significant challenges after recording a decrease of 7.7% over the past seven days. Despite the ongoing decline, TEL had experienced massive uptrends over several months ago.
At press time, its price is standing at $0.01091, after experiencing a decline of 2.1% over the previous day. Despite a decrease in transaction volume by 26.10%, traders are showing interest in the asset, suggesting a possible breakout from the current fall.
Social media sentiment on the asset remains bullish as multiple users talk about the asset. Over the past 24 hours, active addresses have increased by 17% while the figures for social mentions have risen by 42%. This growth in active addresses suggests that traders are increasingly creating new positions in the asset.
Despite the current slump, the token has been facing huge withdrawals from exchanges, indicating accumulation by whales and reducing selling pressure. Whales’ accumulation is reflected in TEL’s price. Over the past 30 days, 60 days, and 90 days, the asset’s price rose by 58.08%, 96.49%, and 195.01% respectively, showcasing the asset’s growth potential.
This shows that investor sentiment continues to become more enthusiastic about the asset, as traders and big crypto holders are positioning themselves in expectation of future price rises. The growing user interest and increasing numbers of new positions being created in the token suggest that Telcoin could be moving towards a major uptrend soon.
