Despite several advances in the associated technology, the cryptocurrency industry remains mostly unrealized. Most projects wallow in a state of flux, advancing without a usable product. Those projects that feature a working, beneficial product reap the rewards via an appropriately high value. Telcoin emerged during the previous boom cycle as an ambitious start-up – slowly working towards its goal: simplifying remittances through integration with mobile phones.
While a hodge-podge of technologies and digital currencies can allow for this in several ways, Telcoin focused on simplicity. Working directly with local carriers, they integrated payments directly through their app – without the steep learning curve usually associated with cryptocurrency. As such, they continue to see massive price spikes and increasing value over time. Cross-border remittances remain the most solid use case for digital currency, and Telcoin remains at the forefront of this niche in the industry.
What is Telcoin (TEL)?
Telcoin (TEL) is a digital currency designed entirely around the idea of global remittances. Remittances make up a large part of the economy of many developing countries, with emigrating workers sending money back to their families. This process previously required a traditional money transfer system – akin to Western Union or Moneygram. These services charge high fees and can take time.
In comparison, Telcoin is quick and cheap – and readily available on smartphones. From the beginning, they focused on the mobile market, successfully betting on mobile carriers as the most convenient method of remittance. Even in developing nations, most people own some form of mobile phone – ensuring near-universal availability.
TELx and the TELxchange
Telcoin’s onboarding process for new remittance corridors has reached a level of stability that allows them to focus on new options. Their most recent major addition is the TELx network – an integration of decentralized finance technology that will allow users to create TEL liquidity pools. These pools will form the base for the TELxchange, a TEL-native exchange.
To accomplish this, Telcoin raised over $10 million USD in a recent financing round. This money will be used to increase staff and support ongoing road map goals. Telcoin continues to add new remittance corridors, expanding its offerings at a regular pace. They succeeded in updating their app – available on both major app stores – to feature fiat remittances. Accomplishing this as an ERC-20 required the introduction of sidechain technology powered by Polygon. Rivendell, as it’s called, uses only mobile operators as validators – further encouraging their increased adoption of the service.
Telcoin Chart: Bullish Setup
Telcoin has been an incredible outperformer in the cryptocurrency markets so far on a year-to-date basis. As of July 29, 2021, Telcoin has skyrocketed 10,815% since the start of 2021. Despite the strong run, Telcoin’s technical analysis is highlighting potential bullish tendencies that could point to a resumption of its rally.
According to TradingView.com, Telcoin’s overall technical indicators are flashing an overall “buy” signal. Specifically, technical oscillators point to a “neutral” state, while moving averages flash a “buy” signal.
Looking at the Telcoin chart, we can confirm a bullish setup in the moving averages, which are moving sideways and indicating a potential breakout (or breakdown) in the coming weeks. However, the moving average convergence divergence (MACD) is flashing a bullish signal, as bearish influence begins to wane. Bullish MACD crossover is on watch over the coming weeks.
While the technicals provide a glimpse into the chart movements and potential direction of the price action, fundamentals are the actual market movers. Finding good coins and companies that have strong, transparent fundamentals and solid technical setups, provide traders with higher probability opportunities.
Disclosure: Neither Matt Rego nor Spotlight Growth have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.