Telcoin (TEL) posted a modest gain of 1.20 percent today, bringing its price to $0.0043193. This comes after a persistent downtrend that has weighed heavily on the asset throughout the month.
The token remains below strong resistance, as the midline of the 20-day Bollinger Band stands at $0.00516. The upper band is $0.00658 and indicates how far TEL has to climb to begin looking bullish.
Recent candles demonstrate that neither buyers nor sellers are confident in their positions. Even though there is evidence of buyers, the current chart structure suggests the market is still hesitant.
Key Indicators Hint at Possible Reversal, But Resistance Holds Firm
The Relative Strength Index (RSI) is currently at 34.59, edging close to oversold territory. This often indicates the potential for a bounce, yet the RSI remains well below the neutral 50 level, reflecting the ongoing bearish sentiment.
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Bollinger Bands are beginning to tighten, often a sign of incoming volatility. Without more trading activity and a clean break over resistance, it seems unlikely we will have a breakout. While $0.00397 has been preventing more losses, pricing has not tried to rise over the main resistance.
Source: Tradingview
Market participants are closely monitoring the $0.00516 zone, which represents the first major resistance TEL must reclaim. If the pattern doesn’t change, any rise in prices could soon end. Recent patterns suggest that each upward attempt has been quickly met with selling pressure.
As bulls try to keep prices stable, the market remains full of nervous investors. Buyers will need stronger momentum to force a breakout from the current tight range.
Conclusion
Telcoin is looking better, but the bearish side of the market is still dominant. Waiting for the price to go above resistance is the key point traders are monitoring to confirm a reversal. For now, TEL is still near the edge, with traders on the sidelines waiting for a chance to break out.
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