Telcoin Price Soars 30% Following Banking License Approval – Bulls Target 51% Gains

Highlights:

• Telcoin’s price has gone ballistic by 30% to $0.0066 despite the slight pullback in the market.
• Its daily trading volume has surged over 80% to $13.61 million, indicating heightened demand.
• This recent rally comes after Telcoin received the first official banking license, igniting the bullish sentiments. 

The Telcoin price is winning on the charts today, rallying 30% to trade at $0.0066 despite the slight pullback in the market. Its daily trading volume has notably spiked 80% to $13.61 million, indicating a rise in market activity.

TEL is now 6% in a week, 6% in a month. The recent rally came as Telcoin gained approval for its Digital Asset Depository Bank Charter in Nebraska. Telcoin is one of the USA’s first Federally regulated digital asset depository banks.

💥BREAKING NEWS 💥

Telcoin Bank Approved. pic.twitter.com/gBgq7gWQ3i

— Telcoin Magazine (@HodlerVaughn) February 3, 2025

It can now issue stablecoins and hold deposits at a Federal Deposit Insurance Corporation. 

TEL Statistical Data

Based on CoinmarketCap data:

• TEL price now – $0.0066
• Trading volume (24h) – $13.61 million
• Market cap – $615.3 million
• Total supply – 100 billion
• Circulating supply – 91.87 billion
• TEL ranking – #210

Telcoin Price Poised for a Breakout above the Consolidation Channel

Telcoin price is currently trading within a key price range, hovering near the 50-day moving average, around the critical support zone of $0.0059, as highlighted on the daily chart. The price movement oscillates within a consolidation channel between the $0.0048 and $0.0075 range. The technical analysis suggests that the market is at a pivotal point, with a potential rebound indicating a bullish continuation or a breakdown, signaling bearish momentum.

The TEL/USD daily chart shows that the price is trading within a consolidation channel, reflecting a medium-term bullish trend. The 50-day MA is trending above the 200-day MA, indicating a potential for further upward movement, though the recent flattening of these moving averages suggests the bullish momentum may be slowing. The price is trading near the mid-level of the channel, with key supports around $0.0059, $0.0055, and $0.0048.

However, the price needs to hold above the key support levels for the bullish outlook to remain intact. If the $0.0059 support level remains intact, the bulls could gain strength, pushing the Telcoin price above the consolidation channel. Often, a consolidation channel acts as an accumulation phase before a substantial upward movement.

In such a case, a rally above the $0.0075 resistance zone could trigger an upward trajectory, further testing the $0.0078, $0.0090, and $0.01 resistance levels. Conversely, if the price fails to maintain this position and breaks below the $0.0059 key support zone, the price could revisit the lower channel boundary near $0.0048 or lower. Therefore, traders should watch for a breakout or breakdown from the channel, which could signal the next significant price direction.

Technical Indicators Show Mixed Signals

A zoomed outlook at the RSI holds above the 50-mean level at 54.30, suggesting neutral-bullish momentum. If the bulls gain momentum at this level, the RSI could hurtle toward the 70-overbought territory, reinforcing the bullish grip. On the other hand, if the bears step in, the RSI could dwindle to the downside, invalidating the bullish sentiment. 

The MACD indicator, however, introduces a new bearish outlook, suggesting a sell signal. This is evident as the blue MACD line has plunged below the orange signal line. However, a looming buy signal is on the horizon, which will be executed only when the blue MACD line flips above the signal line. Meanwhile, the trading volume appears to be surging, which could signify increased market activity, resulting in a Telcoin price breakout.