Telcoin up 18% – Time to buy TEL?
Several assets led the charge with the market.
The price of Telcoin has been one of the most impressive to date, with the asset showing some promising numbers on the charts.
Opportunistic investors might wonder if now is the right time to buy Telcoin and join another emerging wave. Below we will take a look at what Telcoin is and if it is a solid option to buy.
Telcoin: bringing crypto to mobile payments
Telcoin is one of those cryptocurrency projects that you might not hear about until they grab the attention of the general public.
Telcoin claims to be a financial technology that aims to facilitate fast and cheap international money transfers. Think of it like Western Union or MoneyGram for crypto. Anyone can use it to send money to loved ones, wherever they are.
Founded in 2017, Telcoin is based in Singapore. The project aims to partner with the biggest names in the telecommunications industry to break down barriers between mobile money and billing platforms.
Paul Neuer, the project president, had accumulated over a decade of experience in the telecommunications industry before founding Telcoin.
Claude Eugenta, general manager of the project, also has significant experience, holding a Master’s degree specializing in distributed systems.
Telcoin primarily focuses on the global remittance market.
Today there are multiple cell phones tied to a single bank account, but people still line up to send money from transfer agents and end up paying exorbitant fees.
With blockchain technology, Telcoin offers a low cost, high speed alternative. It works with mobile operators and online wallet service providers, allowing them to expand their user base with a contactless service.
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A big 2021 for Telcoin
Like many altcoins, Telcoin has seen some big gains this year. The price of Telcoin didn’t start to climb until much later in the year. But, when the upsurge started, it was astronomical.
After starting the year at $ 0.00032, TEL jumped to $ 0.0092 on March 12.
Investors continued to buy Telcoin, with the asset’s price finally reaching an all-time high of $ 0.06 on May 11, a gain of 18,650%!
The price of Telcoin was ultimately affected by the market downturn, falling to a low of $ 0.0092 on May 19, a drop of 84%.
Assets continued to climb, but successive declines continue to affect them.
Additionally, with the market going through a bearish cycle, investors were reluctant to buy Telcoin.
This week has been a bit difficult for Telcoin investors, with the price of Telcoin hitting a new low of $ 0.0089.
But, he quickly bounced back. With a current price of $ 0.01634, the asset is up 18% in the past 24 hours – and an impressive 40% in the past week.
Technical and fundamental analysis of Telcoin
There is much to be excited about when it comes to Telcoin. The asset has a Relative Strength Index (RSI) of 46.55, showing that it remains relatively underbought.
Also, its 20-day moving average (MA) of $ 0.1622.
It will take a little while for the price of Telcoin to finally climb above the 20-day MA, essentially putting it in position for larger gains.
With such techniques, there are a lot of incentives to buy Telcoin.
The fundamentals are also quite solid.
Telcoin has grown considerably this year, announce in May that he had launched an improved protocol that allowed remittances between the Philippines and Canada.
According to the company, Canada is the first of four markets Telcoin will enter for remittances.
The others will be Singapore, Australia and the United States.
Telcoin also played an important role in drafting the Nebraska Financial Innovations Act – a bill that will allow the regulation of crypto custodians in the state of Nebraska.
Written by State Senator Mike Flood (R) in January, the bill passed in May.