Tenset Analysis – 10SET

The overall crypto asset market situation remains largely unchanged. In both $BTC and $ETH we have seen a week of low volatility and maintain their price above the previous week’s low, but without generating any new highs, leaving a very similar scenario to 7 days ago. 

In the case of $ETH, as we commented last week, holding price above the June 2021 lows, while $BTC is in that macro support zone ($28k-$30k). This support is a key area for the evolution of the price, since if broken to the downside, it could generate another bearish replica move that takes the price to $20k, although for the moment it remains above the support and we have not seen any 1-day candlestick closing below the low, so it increases the probability of seeing bullish impulses in search of the support areas that have already been broken ($33k and $38k).

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Despite this “indecision” of the largest capitalization assets, we have seen some tokens that have generated a bullish movement during this week, as is the case of $10SET, which has risen more than 40% in 3 days.

Tenset is an emerging blockchain project that envisions itself as the bridge between crypto assets and the traditional stock market. It aims to accelerate the adoption of cryptocurrencies and blockchain by financial markets. 

Tenset claims to be the world’s first deflationary token that combines dividend stocks with cryptocurrency projects. This is due to innovative technologies such as blockchain, decentralized finance (DeFi) and Internet of Things (IoT), which are becoming very attractive to companies that want to offer innovative solutions to consumers.

Tenset consists of three phases: the launch of the Tenset network, the selection of Tenset crypto assets and the bridging of Tenset with the market.

Another feature is that smart contracts on the Tenset network charge a 2% fee on each transaction. One percent of this fee will be automatically transferred to investors, while the remaining one percent will be burned. Those holding 10SET tokens will immediately benefit from this scheme, incentivizing them to hold their tokens for the long term. This implies that the number of 10SET tokens available for purchase will be reduced.

Tenset has launched cross-chain capabilities, and 10SET tokens are now available on the ERC-20 and BEP-20 network. 

If we focus on the price evolution of its $10SET token, we can appreciate that its current situation is very different from $BTC, leaving rising lows and rising highs since November 2021.

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On the chart we can appreciate this uptrend, which despite falsifying during the last week, recovered after the bullish divergence generated in the RSI. 

We can also see the formation of a downtrend in the last two months. The struggle between both trends leaves us with several price zones that could be decisive for the evolution of the price.

First of all, we must highlight the $3.50-3.60 zone. In the chart we see how it is an area of much confluence, which has been used as resistance on different occasions (and also as support after the breakout) and is currently the area to beat, to consider the break of the downtrend, as it is where the last confirmed fractal of this downtrend is located.

On the other hand, in the area of $1.50 – $1.40, we find the last confirmed fractal of the uptrend, which marks the support zone. 

Remember that when we speak of “confirmed fractal”, we refer to the last minimum that manages to generate a new maximum in uptrends and reverse in downtrends, the last maximum that manages to create a new minimum.

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If we enlarge the image, we can see how the price is very close to the resistance and the downtrend line, which is causing the price to slow down, since the trading volume is not high enough to generate a breakout. If this situation continues, we could see some bearish bounce from resistance.

As a conclusion, the uptrend of 10SET remains in force in the market, generating an increase of +40% since its support at the uptrend line, but the price is very close to resistance, so it seems that a cut may occur in the coming days unless a much higher buying volume than the current one enters. 

Finally, remember that nothing discussed in our articles can be considered as investment advice, everyone must do their own analysis and develop their own trading strategy. From the Belobaba Crypto Fund team, we only show our analysis and investment tools and how they help us in our operations when making decisions.