KEY TAKEAWAYS
TNSR price surges 220%, signaling a strong bullish trend reversal.
Open interest skyrockets 959%, confirming notable trader exposure.
A breakout from a descending channel supports upward movement.
Tensor (TNSR) shocked the market, skyrocketing 220% in the last 24 hours. As a result, the cryptocurrency has reached its highest level since Sept. 14.
This rally has reversed weeks of bearish sentiment and triggered a wave of technical signals, with multiple indicators hinting at a potential trend shift.
Will TNSR sustain this momentum? Let’s find out.
Tensor Rockets Higher
On the 4-hour chart, the Awesome Oscillator has been printing green histogram bars.
This confirms that bullish momentum is accelerating for the Tensor crypto price. Such movement typically signals high market conviction and appears at the start of a trend reversal or an early parabolic move.
Furthermore, the Relative Strength Index reinforces this outlook, with TNSR breaking above the overbought band and currently sitting at 84.58.
This indicates intense buying pressure. However, it also suggests increased volatility and the potential for corrections.
A sustained upward move without a pullback could push TNSR’s price toward $0.15.
Traders Increase Exposure
Examining on-chain data, TNSR’s derivatives data further reinforces this bullish momentum.
For context, the Open interest (OI) has surged an astonishing 959.74%, showing that traders are aggressively increasing exposure to the token.
Typically, rising OI alongside increasing price strengthens the trend. Therefore, if the OI continues to rise and the Tensor crypto price maintains its bullish structure, the market value may trade higher.
TNSR Price Eyes $0.18
On the daily chart, TNSR has broken out of its descending channel pattern, a formation regarded as a bullish reversal signal.
The cryptocurrency has printed two long green candles and is trading at $0.13.
Furthermore, the Bull Bear Power (BBP) indicates that buyers are dominating the market, with TNSR shifting from negative territory into a positive zone.
At press time, the BBP stands at 0.092, suggesting that bullish sentiment may persist as buyers push the price toward higher resistance levels.
Besides that, the Directional Movement Index (DMI) reinforces this upward trend. The positive DMI has surged to 52.70, significantly outpacing the negative DMI at 12.07, indicating that buyers are currently in control of the market.
With sellers struggling to respond, TNSR’s price could experience additional upside.
In addition, the Average Directional Index (ADX) adds further confirmation. As of this writing, the reading sits at 45.06, signaling that TNSR’s price may continue rising northward.
Using Fibonacci retracement from the recent swing high to swing low, TNSR’s price is holding above the 0.382 level.
Although it briefly surpassed the 0.786 Fib at $0.13, buyers remain in control.
In addition, a clean break above this level could pave the way for a sustained rally toward the 0.382 Fib at $0.17, near its May all-time high.
However, if TNSR’s price fails to maintain momentum, the cryptocurrency could experience a pullback. In that scenario, the altcoin could test the support around $0.078.
