With many investors wondering which coins have the prospect of performing well in the coin market, it is important to gain insight into individual projects to understand what they’re about and how to benefit from what they offer.
We shall be examining the top 100 coins according to the market cap with the view to understand what is profitable to invest in and what is not. Also, we shall look at the side projects and investment and earning possibilities inherent in these.
Catch The Train
As we are aware, with the benefit of hindsight, most of us would like to catch the altcoin train before it moves with respect to those coins that soar 2000%. So how do we know those that would be immensely profitable and those that are mediocre? These are some of the hints that we would get from this review of the price action and potential of the top 100 coins of the coin market.
We have seen projects that are dedicated to international remittance such as Ripple and are aware that such have immense potential to become high market capitalization coins. In this review, we shall look at Telcoin and its prospects in the coin market, as well as recent price actions and what the future portends for this digital currency.
What is Telcoin?
This is a project that seeks to popularize the transmission of funds through a collaboration between mobile service providers, the global ewallet business blockchain industry. The essence is to make sure that the transmission of funds is cheaper, smoother and contactless through the use of mobile devices. Consequently, users of Telcoin would be able to transmit and transfer funds using TEL, the internal currency of the platform.
Market Cap, Volume and Rank
TEL is ranked 100 based on coin market capitalization. It has a market cap that peaked at $3.2 billion in May 2021. As at the time of filing this report on September 29, the market cap is down to $760 million.
The coin has a total supply of 100 billion and a circulating supply of 54 billion. This means that there are still 46 billion of these coins out there to be owned.
Volume traded at the exchanges that support TEL on September 29 is $8.6 million. This is a far cry from the May 6 figure when the volume of TEL traded was $354 million.
“The total liquidity across TELx sits today at ~US$30M, with five assets – USDC, QUICK, WETH, CADc, and EURs – reaching viability for integration into the Telcoin mobile application.”
— Telcoin (@telcoin_team) September 29, 2021
What this tells us about the coin is that there is still room for growth. This is not just based on metrics but utility as well. Telcoin could be the link between the coin market and the mobile market. The platform is working towards global mobile market adoption through direct integration with carriers billing platforms. This will ensure that users of such telecom services would seamlessly make remittances without the need to go through an extra path.
Exchanges That Support TEL
The exchanges that support TEL presently are Kucoin, Uniswap, Indodax, 0xprotocol, Balancer, Quickswap. 1inch Exchange, Bitrue, Bitbns and HitBTC. Most of the volume is traded on Kucoin which accounts for 65% of all the volume traded on Telcoin. Take note of this if liquidity is an issue.
TEL Price Analysis
A look at the One-Day and the One-Month charts show that the coin is on a downtrend. On the One-Day chart, it is clear that TEL has formed a falling wedge pattern in a descending channel. This is not surprising considering the reduction in the volume of the coin traded in exchanges.
The 4H chart shows that TEL is mildly overbought. The maximum RSI is at 57. This means that the downward trend will subsist at the interim, as the buying pressure is still rather too moderate to effect a reversal.
What we have observed is that the decline in the price of TEL will move towards the $0.01369, which is the main support formed on September 21. This is the likely scenario as the volume needed to keep up the demand slacks.
The implication of the price movement for TEL is that this is a good time to buy the coin. With the market sentiment high, there is no doubt that TEL will rise in value over time. We would not be surprised to see values higher than $0.03 at which the coin peaked in May.