After putting together a 60% rally on Sunday, Telos (TLOS), the world's first ESG blockchain, is up 35% in today's session. The coin is enjoying action from several catalysts at once. The YouTuber Satoshi Slacker recently featured the coin and the coin begun trading on Gate.io. However, it is the imminent release of the Ethereum Virtual Machine, a bridge to Ethereum, that has buyers excited. The group behind Telos recently announced the finding of a major security flaw in the EVM prior to its mainnet going live. This again demonstrated the project's commitment to quality.
On the 1D, TLOS printed two vector candles this week, reflecting the heavy action in the market. Price tapped $0.450 twice in the past three hours so I've plotted out a retracement graph based on the idea that we'll top at $0.45 for the rally. This reflects a conservative approach.
A look at the 1H with Elliott waves plotted reflects a similar story.
This is further reinforced with an RSI on the 1D above 83 and a widening divergence on the MACD.
How much further can TLOS rally? A few days ago we examined support and resistance zones. Telos broke through possible resistance at .36 and never looked back.
We'll update again in a couple days when price discovery resolves itself and we have a better idea on the buy zone the next retracement will create.
Happy trading!
