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Tensor Crypto Fails To Gain Traction: Another All Time Low In The Loop?

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Tensor crypto has witnessed a significant downturn since its introduction in April, with its value diminishing by over 65% in recent weeks. The daily charts indicate a lack of recovery trends.

Nonetheless, there’s a noticeable deceleration in the decline, hinting at a growing buyer interest at these lower price points. Yet, this uptick in buying is still insufficient to outweigh the prevailing selling pressure. On a positive note, the cryptocurrency has received favorable news that could potentially mitigate its recent downturns.

Let’s combine all those factors along with the price centric approach and try to determine the flow of TNSR in the coming sessions.

Coinbase’s Announcement Sparks Optimism in Tensor Crypto Investors!

Tensor Crypto experienced a rebound in its valuation, regaining some lost ground following Coinbase’s announcement to introduce Futures trading. The American cryptocurrency exchange, Coinbase, has revealed that it will list three new altcoin perpetual futures contracts, namely Jupiter (JUP), Token (TNSR), and Jito (JTO).

These new contracts are slated to be launched on both the Coinbase Exchange and the Coinbase Advanced trading platforms, with trading set to commence on May 16, 2024, at 9:30 UTC. 

This initiative is a continuation of Coinbase International’s strategy, which previously expanded its trading options by introducing AR-PERP, HBAR-PERP, and THETA-PERP contracts.

Will TNSR Crypto’s Declining Channel Lead To A Breakout Or Further Breakdown? 

Tensor Crypto (TNSR) recently saw a surge of nearly 25% following Coinbase’s announcement to introduce futures trading. Despite this, the broader market’s weakness has eroded most of these gains in the last couple of sessions.

Analyzing the price swings, TNSR appears to be trapped in a descending channel pattern, having recently faced a setback at the channel’s upper boundary. The recent downturns have nudged the cryptocurrency perilously towards the channel’s lower boundary, placing it at risk of a new record low in less than a month.

 

Currently, both the short-term and long-term outlooks remain bearish, advising investors to remain on the sidelines until a clear reversal pattern emerges. For a potential uptrend to take hold, it’s crucial for the bulls to halt the formation of new lows and achieve a breakout above the key resistance and psychological threshold of $1.

Conversely, if TNSR breaches the support level at $0.75, it could spiral down to unprecedented lows, prolonging the bearish phase. Investors should monitor these critical levels closely to gauge the crypto’s next directional move.

Conclusion

Tensor crypto has dropped significantly since April, losing over 65% of its peak value. Despite a brief recovery after Coinbase announced futures trading for TNSR, broader market weakness led to the loss of most gains. At press time, the crypto was in a descending channel, risking a new record low within a month. 

Moreover, the trend outlook is bearish, that’s why investors are advised to wait for a reversal. A breakout above $1 could signal an uptrend, while falling below $0.75 support might lead to new lows. Investors need to keep a close monitor on the price action for future investment decisions.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

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