What is TEL and Why is it Surging?

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The Tel­coin price has surged in the past few days as investors cheer the launch of the platform’s third ver­sion of the app. The TEL price is trad­ing at 0.0274 USDT, which is about 60% above the low­est lev­el last week. Still, the price is about 25% below its high­est lev­el this week.

What is Telcoin and why is its price rising?

Tel­coin is an Ethereum-pow­ered blockchain plat­form that enables peo­ple to send mon­ey at a faster and cheap­er rate. The platform’s aver­age price of send­ing mon­ey glob­al­ly is about 2% of total val­ue of the funds. This is sig­nif­i­cant­ly low­er than the aver­age rate of about 7%. 

Today, Tel­coin is being used by sev­er­al com­pa­nies in the blockchain indus­try like Bal­ancer, Coin­gate, and KuCoin. Oth­er non-blockchain com­pa­nies like Jumia, Plaid, and Paga are using it.

The Tel­coin price is ris­ing after the devel­op­ers launched the appli­ca­tion lay­er of V3 on the Tel­coin Plat­form. This upgrade includes some key fea­tures. For exam­ple, to boost its speed, Tel­coin moved its wal­lets and users to the Poly­gon Net­work. Poly­gon is a lay­er appli­ca­tion that boosts the speeds of Ethereum apps. Also, the TEL price rose as investors cheered the expan­sion to oth­er mar­kets like Sin­ga­pore, Aus­tralia, and Mexico.

Telcoin price prediction

On the four-hour chart, we see that the Tel­coin price has been in a strong bull­ish trend late­ly. What’s impor­tant is that the coin man­aged to move above the key resis­tance at $0.0260, which was the high­est lev­el on Octo­ber 14th. It was the pre­vi­ous all-time high. 

Now, the price has retreat­ed and is about to retest this lev­el. This for­ma­tion is known as a break and retest. It is where the price retests a key sup­port or resis­tance lev­el after a breakout. 

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The bull­ish trend is also being sup­port­ed by the short and longer-term mov­ing aver­ages. There­fore, I sus­pect that the TEL price will resume the bull­ish trend in the near term. If this hap­pens, the next key lev­el to watch will be at $0.035. On the flip side, a drop below $0.023 will inval­i­date the bull­ish view.

Telcoin price

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