Telcoin (TEL) Skyrockets 22% Amid Flat Supply on Exchanges: Price Impact

Key Takeaways

• Telcoin supply on exchanges remains stable, indicating reduced selling pressure as the price jumped.
• The altcoin is trading near the 20-day EMA— a decisive level that could confirm a continued upswing.
• Telcoin’s price might break out above $0.0077, which could push the value higher to $0.0088.
• Interested in buying or selling TELCOIN TEL? Read our review of the best exchanges to buy and sell TELCOIN TEL.

Telcoin (TEL) is leading the crypto market today, surging 22% in the past 24 hours to trade at $0.0065. The rally comes after a period of consolidation around $0.0054, marking a strong rebound from its recent downturn.

The price action aligns with CCN’s recent analysis, which pointed to a potential recovery as TEL neared the end of a 30% correction.

Now, the question is whether the momentum can hold—or if another pullback is on the horizon.

TEL Rally Not Over

Telcoin’s price hit a yearly high of $0.012 on Feb. 17 before profit-taking drove it down to $0.0053 in the following weeks.

After a bullish engulfing pattern on Wednesday, TEL rebounded to $0.0068 before facing resistance and settling at $0.0065.

Despite the recent pullback, TEL’s rally may not be over. A key metric supporting this outlook is supply on exchanges.

Santiment data shows Telcoin’s exchange supply has remained stable at around 311 million tokens for months.

A rising exchange supply typically signals increased selling pressure, while a decline suggests holders are keeping tokens off exchanges.

The current supply trend indicates a reduction in available liquidity on centralized trading platforms.

If sustained, this could amplify buying pressure and push prices higher.

Possible Break Above Descending Triangle

Despite low selling pressure, the daily chart shows TEL still trading within a descending triangle. This bearish pattern is defined by a declining upper trendline and a flat horizontal support level.

A descending triangle typically signals a potential breakdown if support fails. However, on the daily TEL/USDT chart, the price is testing the upper boundary of the falling trendline.

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If validated, this could trigger a breakout. Telcoin’s price is also on the verge of surpassing the 20-day Exponential Moving Average (EMA), a key technical level.

A breakout above the 20 EMA would confirm growing bullish momentum, increasing the chances of extended gains.

TEL Price Analysis: Next Target Spotted

The daily chart shows the Parabolic Stop and Reverse (SAR) dots now positioned below TEL’s price, signaling a potential upward move.

The Parabolic SAR is a trend-following indicator that identifies the direction and possible reversals.

When the dots appear above the price, it suggests a downtrend, while the dots below indicate bullish momentum.

With the SAR now below Telcoin’s price, a move toward $0.0077 at the 0.618 Fibonacci level could follow.

Increased demand could push TEL higher to $0.0088.

Failure to break above $0.0088 could invalidate this outlook, potentially leading to a drop toward $0.0055.