- Telcoin (TEL) has enjoyed a resurgence in 2021 after a three-year downtrend
- TEL has moved over 4,500% compared to Bitcoin this year, doing so in clear stages
- TEL is a great example of how patience pays in a quick-win ecosystem
Telcoin (TEL) was one of a number of coins that enjoyed a lung-busting 2017 before collapsing spectacularly in 2018. Following three years of downtrend however it has enjoyed a resurgence in 2021, and the way it has gone about doing this is a perfect example of why patience is a critical element in an ecosystem so obsessed with quick wins.
TEL Channels Paints a Bull Market Picture
TEL was in a downtrend ever since the bust following the 2017/18 boom, falling from 10,000 sats in January 2018 to 55 sats in late December. Since bottoming out at the start of 2021 TEL has been on a sensational run, and its upward trajectory is a perfect example of how patience pays. It’s first jump involved a 435% move from 55 sats to 295 sats, which was followed by a three-week consolidation period:
Even after such a big move there would have been some who would have been impatient for more, and some who might even have become disconsolate when it dropped to 165 sats. However, the fact that it held position and developed a channel was a clear sign that further upward trajectory was imminent, for those who had the patience to hold.
Sure enough this channel broke upward in early February, peaking at 850 sats, a 183% gain on the prior range high:
Following this move the same pattern played out, with price ranging between 550 sats and 850 sats over a period of weeks. Again, those hungry for more might have become frustrated at the lack of further gains, but those who could see what was happening knew to just sit tight and wait.
Sure enough, after almost exactly a month came the next move:
This third wave saw TEL breach 1,000 sats since April 2019, peaking at 1,500 before yet again existing in a channel, which this time really tested the resolve of holders – while other coins were pumping, TEL remained in a third channel for six weeks, testing holders with a wick down to 925 sats on April 23.
As ever, holders were to be rewarded though as TEL once more broke upward, breaking through one band of resistance before being stopped by another:
Does this huge move mean that TEL’s bull market is over? Not necessarily. As we can see from the below chart, all the toughest resistance has already been faced down, with the boss level being the current band of resistance it is facing at 2,600-2,800 sats:
If TEL can clear this resistance range and flip it to support then there really is very little to stop it undoing all its losses back up to 10,000 sats. Much of this depends on how Bitcoin performs – if the Bitcoin dominance level continues to fall then there is a good chance it could achieve this in the coming weeks.
In a Bull Market, Just Hold
This entire move from 55 sats to TEL’s current price of 2,600 sats represents a 4,627% gain over Bitcoin, all of which has almost been telegraphed by the pattern of consolidation in clear channels followed by a rise and consolidation again. Those who were impatient or tried to catch the tops and bottoms of channels before they were clearly established will very probably have missed out, whereas those who had the patience to hold on have made over 4,500% gains on Bitcoin in just five months.