The price of Matic is inching towards the 15, 20 & 25 moving averages The yellow lines represent the range between which Matic has been trading since July The expectation is for the price of Matic to drop to 0.76 in the next few days Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
As per a research report published by Facts & Factors, the global 'Digital Remittance Market' was estimated at US$ 14.5 Billion in 2019 and expected to reach US$35.8 Billion by 2026. The global digital remittance market is expected to grow at a compound annual growth rate of 13.8% from 2019 to 2026.
The current global average cost of remittance currently sits at 7%, using 2019's global remittance data, this would have resulted in nearly $1 Billion paid in transaction fees.
Furthermore, remitting money for some might not be a straight forward process, it can in some instances be a tedious process. For example for some remitters, the remittance process could mean visiting a money transfer service such as Western Union, filling out long forms, paying a high cost, waiting for a couple of days for the money to be received by the recipient and the recipient being charged for the withdrawal.
This is where Telcoin comes in. Telcoin is a blockchain technology that focus on the remittance business. They brand themselves as a 'Smart Money Transfer', that's 'Instant' and 'Low Cost'.
Telcoin is targeting a 2% remittance cost vs the 7% global average. Using 2019's remittance data again, this drops the remittance cost from $1 Billion to $290 Million annually.
A statement on Telcoin's website read 'There are nearly five times more mobile phones than active bank accounts, yet people around the world are still lining up to send money from high-cost remittance agents like Western Union, Why waste time and money when you could be using what's already in your pocket?'
Based on the statement above Telcoin is looking to leverage the number of mobile phone users to its advantage.
Telcoin recently entered into a partnership with ECPay, the leading electronic payments service provider in the Philippines. The significance of this partnership for Telcoin cannot be undermined, as this could shape the future of telcoin.
Telcoin as at 14th May 2021, trades at US$0.04249 per coin, an increase of 11327% from the start the year.
Furthermore, Telcoin has seen an increase in buying pressure in May 2021, pushing the price 300% higher vs the end of April. That being said, the chart below shows the average volume is making higher lows pointing towards a selling pressure emerging in the short term.
Talking about indicators, the daily RSI currently sits at 63.52, RSI above 70 indicates overbought and a level below 40 indicates oversold, this means we could see the price of Telcoin retrace a bit in the short term. The average volume movement solidifies the short term decline estimate.
MACD, another leading indicator has almost completed its bell curve which further depicts a short term downward pressure.
Overall, the prospect for Telcoin seems promising and being the first cryptocurrency to enter the remittance industry, this could prove a crucial advantage for the blockchain. Telcoin aims to partner with leading names in telecom industry like Verizon & AT&T, Awareness, wide spread acceptance of cryptocurrency as a remittance medium and securing partnerships with industry leaders could lead Telcoin to new highs.
Telcoin can be currently bought at the following exchanges:
- KuCoin
- Balancer
- HitBTC
- Bitbns
- 1inch Exchange
- Simex
Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
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