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Tensor (TNSR) Price Prediction – When will TNSR hit $5?

Tensor (TNSR) Price Prediction – When will TNSR hit $5

The Tensor Foundation, which operates the well-known NFT marketplace Tensor based on Solana, has substantially advanced with the introduction of TNSR, its governance token. Prominent cryptocurrency exchanges, including OKX, Bitget, and Binance, have taken notice of this development, leading to an upsurge in token trading activity. 

Consequently, the value of TNSR has experienced a significant decline of 23.19% in the preceding twenty-four hours, with the current 24-hour trading volume of $331,202,404.

The Tensor Foundation has declared October 5, 2024, the deadline for users to obtain their TNSR tokens. Possessing TNSR tokens grants owners authority over Tensor parameters and charge reductions for transactions executed on the Tensor platform utilizing TNSR. This incentive has contributed to the token's increasing popularity.

Should you include this cryptocurrency in your trading portfolio?

Let’s identify the potentiality of this instrument from the TNSDRUSDT technical analysis:

Tensor’s Presence Is Solid In the NFTs Market

Recent support announcements from key exchanges for the TNSR token demonstrate its growing significance in the marketplace.

Tensor is widely recognized as the preeminent NFT marketplace on Solana, enabling 60–70% of the platform's daily NFT volume via its marketplace protocols.

Tensor's provision of a streamlined and expert NFT trading experience on Solana propelled it to the top of the NFT marketplace rankings less than a year after its introduction in July 2022.

Given Tensor's comprehensive coverage of the most recent Solana NFT initiatives, most Solana NFT collectors and traders currently utilize it as their primary NFT marketplace.

Significantly contributing to the TNSR token's increasing popularity in the broader cryptocurrency market are the concerted efforts of major exchanges to list and support it. It is anticipated that as more individuals acquire the ability to trade TNSR, the token's market presence and liquidity will expand, thereby promoting additional expansion and acceptance.

TNSR/USDT Bulls Need To Create A Bottom First

TNSR/USDT Bulls Need To Create A Bottom First

According to the H4 chart of TNSR/USDT, the recent price has shown a downside momentum since the launch, where the 50% Fibonacci Retracement level is marked at the 1.3671 level. Investors might need additional clues before anticipating an upward possibility as the recent price hovers below this line.

From the technical perspective, the ongoing moment suggests a leaning downside pressure, indicating reaching the 0.6643 critical Fibonacci Retracement level. In particular, the Parabolic SAR remains above the current price, suggesting a running selling pressure. 

In the Relative Strength Index (RSI), the current level remains below the 50.00 line, suggesting weaker bulls. Moreover, the most recent line moved below the 30.00 level, indicating extreme downside pressure. 

On the bearish side, the ongoing selling pressure is potent in the H4 timeframe, and technical indicators do not indicate a bullish signal. In this context, any intraday selling pressure from near-term resistance lines could lower the price toward the 0.4000 psychological line.

The alternative trading approach is to wait for bulls to join the market. In the volume structure, the most active level since the launch is at the 1.8800 level. Therefore, a bullish continuation with a daily candle above this level could be a conservative bullish approach, targeting the 3.000 psychological level.

However, the aggressive bullish approach needs a solid reversal from the near-term area. Primarily, investors should monitor how the price reacts at the 0.6643 level, from where bullish exhaustion could be a potential long signal.

TNSR/USDT Ichimoku Cloud Analysis

TNSR/USDT Ichimoku Cloud Analysis

 

The ongoing bearish pressure is potent in the H4 timeframe Ichimoku Cloud analysis as the dynamic Ichimoku Cloud resistance is above the current price. Moreover,  the future cloud suggests a bearish continuation as the recent Senkou Span A and B lines hover above the current price with a bearish slope.

Moreover, the Average Directional Index (ADX) maintained its growth and peaked at the highest level since the beginning. Therefore, this pair's current bearish pressure is potent, where a trend continuation could lower the price in the coming hours.

Based on the H4 Ichimoku Cloud analysis of TNSRUSDT, a descending channel extension is potent, where the near-term support level is at the 0.6319 level from where buying pressure might come.

On the other hand, an immediate buying pressure is possible, where a bullish reversal and a daily candle above the 1.4305 line could be a valid long signal, targeting the 2.6919 resistance level.

Is TNSR/USDT A Buy?

Based on the current market outlook, TNSRUSDT is more likely to extend the buying pressure after having a solid bottom. As of now, a bullish reversal with a daily candle above the 1.3671 Fibonacci Retracement level could be a high probable long signal, targeting a new all-time high.

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