Telos (TLOS), the world's only ESG blockchain, completed it's retrace off the recent rally to the all-time high of $1.20345 when price pinned $0.709 on November 16.
The move reset RSI and cleared the board for another run. I want to take note of the double top reversal pattern that played out forming an "M" just above the 50 EMA on the daily charts. The retrace took a healthy cut through the 50 EMA cloud finding some support above the .786 Fib.
Zooming in on the hourly timeframe, TLOS prints a familiar pattern across the 1H 50 EMA:
There is our W playing out across an important moving average. As markets recover today, TLOS is up 10-11% intraday, outpacing most major cryptocurrencies, to retake the 200 EMA on the 1H and attempt to flip that line back over to support. The bears will be watching intently for a failure here and further consolidation under $0.90 for TLOS.
Bulls, on the other hand, are looking towards a wall of resistance at .869. The resistance points they'll be watching for as the next move plays out are $0.869, $0.969, $1.05 and $1.13 before a re-test of the $1.20345 ATH to take aim at setting a new ATH ~$1.40.
In terms of possible catalysts, Telos continues to announce partnerships with AMMs like Elk.finance, SushiSwap, AnySwap and projects such as DestinyWorld, Heart Farms, and Kanda Weather. These announcements are almost daily on the heels of the deployment of the main net Telos EVM, which the group stands by as the most advanced in the industry. The growing number of partnerships with AMMs like SushiSwap will allow Telos to reduce or eliminate front-running entirely within the Ethereum markets, a problem that is costing crypto enthusiasts over a billion dollars a year. PancakeSwap continues to support a BNB/TLOS liquidity pool. The group promises more DeFi opportunities are in the works for investors looking to capitalize on one of the most energy-efficient and speediest networks available. Telos is also deploying an NFT line - TelosPunks and the network hosts an NFT marketplace, on which artists can list work for 0.5 TLOS, currently less than half of an American dollar.
Happy trading!
