Last week, when Bitcoin rebounded after a brief dip below $ 30,000, many altcoins launched their own relief rallies. Telcoin (TEL) was one of that large group of digital assets that skyrocketed on July 21st.
However, unlike most of its competitors, TEL’s uptrend stayed alive all week, resulting in a respectable 82% increase against the dollar and a 43% increase against Bitcoin (BTC) over a seven-day period.
Given the market dynamics of the time, many traders could simply attribute this performance to a market-wide oversold boom – but was there a way for traders to spot the potential for this enormous run early on?
TEL’s second wave TEL
TEL is the utility token of Telcoin, a blockchain protocol designed to enable affordable mobile-based transfers around the world. Telcoin is based on the Ethereum blockchain and the token is traded through a number of centralized and decentralized exchanges.
At the height of this week’s excellence, TEL hit $ 0.022. This is still well below the coin’s all-time high, which was recorded in May when a Layer 2 migration to QuickSwap and a protocol upgrade resulted in the asset increasing its value tenfold in just over a week and capping at Reached $ 0.060.
This time the fuel for TEL’s moon shot probably came from a combination of favorable developments. Earlier this month, the company closed a $ 10 million financing round while unveiling a new Telcoin platform stack and two new proprietary decentralized financial (DeFi) products. In addition, some observers noted that the protocol saw an increase in user awareness due to the introduction of the AI-driven tool “DeFI Agents” in the Fetch protocol.
The price rise table wasn’t the only ranking Telcoin topped this week. Before its spectacular rally, the coin also recorded the highest VORTECS ™ score of the week at 92. This reading indicated the algorithm’s ultra-high confidence that the outlook for TEL had become bullish. Dealers who became aware of this had the chance to join the subsequent profit festival early on.
Recognize when the story rhymes
The VORTECS ™ Score, which is exclusively available to subscribers to the data intelligence platform Markets Pro from Cointelegraph, is a quantitative indicator that offers a real-time comparison of several important market figures for each coin based on years of historical data.
Ultimately, the metric evaluates whether the current outlook for that asset is bullish, bearish, or neutral given the historical record of price movements.
The price of TEL soared on July 21st, jumping from $ 0.009 to $ 0.015 in just 15 hours. After such a brilliant rally, a correction was inevitable. However, it was followed by TEL’s VORTECS ™ score, which shot over 80 (the red circle in the graphic) and finally reached 92.
Conventionally, values above 80 correspond to the model’s high level of confidence that similar patterns of market and social activity as observed in the past were followed consistently by significant price increases within 12 to 72 hours.
In the case of the TEL score of 92, the algorithm found that throughout the asset’s history, such rallies tended to resume after brief periods of recoil. In fact, about 24 hours after the VORTECS ™ line turned dark green, a second leg of the TEL hike unfolded, raising the coin from $ 0.014 to $ 0.021 (the first and second red boxes).
In the cryptocurrency market, as everywhere else, history does not repeat itself exactly – but it often rhymes. When the story manifests itself in quantifiable metrics, an industry leading artificial intelligence tool like the VORTECS ™ Score can aid traders’ decision making by alerting them to the conditions most likely to rhyme.
As for TEL, an ongoing series of extremely high VORTECS ™ scores suggests that – the health of the overall crypto market allows – the asset could face further price spikes. Judging by historical precedents, the coin appears to have not yet exhausted its upward momentum.
Cointelegraph is a financial information publisher, not an investment advisor. We do not offer any personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk, including the risk of permanent loss and total loss. Past performance is not an indication of future results. Illustrations and diagrams are correct at the time of compilation or as otherwise stated. Live-tested strategies are not recommendations. Consult your financial advisor before making any financial decisions.
Full terms and conditions.