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The Tensor price is down over 22% on the weekly timeframe after dropping more than 9% in the past 24 hours to trade at $1.71 as of 2:10 a.m. EST as investors continue to dump the token.
This drop in price comes even as crypto exchanges including giants such as Bitget, Binance and OKX all welcome the crypto to their platforms.
The Tensor Price Consolidates
1-hour chart for TNSR/USDT (Source: TradingView)
The Tensor price has been in a consolidation phase between $1.5357 and $1.9910 in the past 24 hours. This is after it jumped from $0.03 to a high of $2.6890 before retracing to close its first hourly candle at $1.8997.
There are a variety of reasons that a crypto enters into a consolidation phase. Although a lack of trading activity is generally the main cause, this period could also be identified as an accumulation phase by savvy investors and traders. If traders begin to acquire the altcoin at its current levels, the Tensor price could soon attempt a challenge at the $1.9910 resistance. Enough buy pressure might then lead to it flipping the mark into support, paving a way for TNSR to rise to the subsequent mark at $2.6738.
TNSR falling below $1.5357 in the coming 12 hours could invalidate this bullish thesis. In this more bearish scenario, the Tensor price will be exposed to the risk of potentially falling to as low as $0.03. One thing to keep in mind is that a breach of the $1.5357 support will also push the altcoin into a discovery phase, where it will look to establish strong foundations at this early stage. As a result, there is the possibility that the Tensor price will not plummet to its initial $0.03 price.
Buyers Might Soon Push The Tensor Price Higher
Technical indicators on TNSR’s 1-hour chart suggest buyers are slowly making a comeback. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) point to a growing buyer presence, even though they still signal that sellers have the upper hand.
The MACD line is slowly starting to rise towards the MACD Signal line. This suggests that the negative trend TNSR entered, as indicated by the MACD line being positioned below the MACD Signal line, has reached a peak and is undergoing a reversal. The RSI line, which is positioned bearishly below its Simple Moving Average (SMA) line, is also chipping away at the gap that exists between the two technical indicators. A cross between the RSI and SMA line on the hourly chart in the coming 6 hours will trigger a major bullish technical flag, which could indicate a shift in momentum favoring buyers.
While the Tensor price looks to form its technical foundations, investors are rushing to Solana meme coin Smog (SMOG) for its huge airdrop and following its first major listing on MEXC last week.
A Large Pool Of Investors Could Soon Rush To This Meme Coin
Solana meme coins have been a hot topic in the crypto space over the past few weeks, with investors pouring millions of dollars into these cryptos’ presales. With so much hype surrounding these meme coins, exchanges have started to list the tokens on their platforms.
Most notably, Binance recently announced that it will list Dogwifhat (WIF) and Book of Meme (BOME), causing their prices to skyrocket. This surge in prices after getting listed on exchanges is the reason so many investors are anticipating a meteoric rise in SMOG’s price after it scored its first major exchange listing on MEXC.
The listing opens the meme coin to a wider pool of investors that could pave the way for increased buying as new investors and traders enter the mix, subsequently leading to a surge in the dragon-themed crypto’s value.
And the development team has indicated that the MEXC listing also may open the door for an additional top-tier exchange listing soon.
Season Two Of SMOG’s Massive Airdrop Kicks Off
SMOG took the crypto world by storm with the announcement of its huge airdrop campaign, which is being touted as the “greatest airdrop of all time.”
A week ago, season one of the campaign came to an end, and saw $1 million in tokens distributed to investors. Now, with the second season already underway, crypto community members are rushing to get their portion of the upcoming airdrop.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
A major difference between the first and second season is that the latter will prioritize on-chain and trading activity. This acts as an incentive for traders and investors to actually engage with the token on MEXC, while also rewarding transactions made in the meme coin.
With another top-tier exchange listing also in the works, now might be a great time to buy the token before it’s introduced to an even broader market.
SMOG can be purchased on its official website for a 10% discount here.
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