Telcoin Is up by 27.30% – Time to Buy Telcoin Coin?
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The TEL token of the Telcoin network has recently joined the lineup of altcoins soaring together with the cryptocurrency market. The token gained considerably in the last 24 hours, giving investors a reason to buy TEL.
In this article, we will consider what this positive price action means for Telcoin and if it is a wise decision to buy TEL now or not.
Telcoin: Making Mobile Payments Easier
The Telcoin decentralized platform was developed majorly to assist people in transferring money in the shortest possible time. The platform, which was founded in 2017 by Paul Neuner, is powered by Mobile Network Operators and Mobile Financial Service Providers.
Telcoin is a decentralized finance (DeFi) platform that provides mobile phone users with the functionality to send money across borders in a better, more efficient manner than that offered by traditional banking services.
Simply put, Telcoin aims to provide anyone with smartphone access to user-owned decentralized financial products.
Unlike other financial blockchain solutions, Telcoin’s services are easier to access because users can easily send money by simply connecting to their network provider. There is no need for bank accounts or complex processes; it aims to help users make simple digital payments with a mobile phone. The platform’s technology seeks to connect under-banked users to a world of efficient transactions.
Telcoin uses the proof-of-concept (PoC) consensus mechanism to ensure consistency in transactions. The TEL token is used by users to interact with Telcoin’s network’s services. Token holders use TEL to facilitate affordable mobile-based remittances globally.
Telcoin is built on the Ethereum blockchain; hence the TEL token is an ERC-20 token. The token is available for trade across a range of centralized and decentralized exchanges.
TEL Token Rallies with Bullish Crypto Market
TEL started the year at a good price and even went ahead to reach its all-time high price of $0.0649 in May. However, the crypto crash hit the TEL token as it dropped and traded at $0.0276 by the end of May.
TEL continued to drop through June before stabilizing by the end of July. Although, it’s the most recent performance that is encouraging for the bulls.
The price of TEL rose sharply from $0.009 to $0.015 on July 21. By July 29, it was trading at $0.019. The token retained this price range into August. On August 16, the asset was still trading at $0.0194.
However, the last few days have seen the TEL token climb up the rankings. This is also evident in its market cap, which has grown to $1.5 billion. TEL now ranks as the 73rd largest cryptocurrency.
TEL is currently trading at $0.0284 and is up 27.30% in the last 24 hours. Investors interested in this coin may want to buy TEL now before it climbs higher.
TEL Technical and Fundamental Analysis
Looking at the TEL token’s stand on the trading chart, there’s a lot to be excited about. The crypto has a relative strength index (RSI) of 72.50 showing that it is in the overbought region.
TEL is trading above the 20-day moving average (MA) support at $0.0278, signaling a bullish run. The asset’s 200-day MA is also bullish, with the digital token trading above the indicator at $0.0277.
With such technicals, TEL is undoubtedly in a position for bigger gains which is another reason to buy TEL.
In terms of fundamentals, Telcoin has been working towards improving its network to make global remittance and make financial transactions easier. The platform introduced its long-anticipated version 3 update last month. The update introduced two decentralized financial products called Send Money Smarter (SMS) Network and TELxchange.
With the SMS feature, Telcoin users will be able to utilize various DeFi protocols on foreign exchanges, enabling remittance senders to capture fees. The TELxchange, on the other hand, is a decentralized asset exchange that uses TEL as its means of exchange.
The developers behind Telcoin are also expanding the Telcoin team. The team recently announced the hiring of Ryan Tully as Telcoin’s new Head of Product.
Tully has had extensive experience in the cryptocurrency sector. Before now, he served as the OTC Head of Product of popular cryptocurrency exchange Kraken where he led the integration of various technical operations and product platforms at Kraken.
