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Technical Analysis for DENT-USDT Chart
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the Daily and Weekly price action of DENT/USDT.
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Total DENT Market Cap: $147.74M
Circulating Supply: 100B Dent
Total Supply: 100B Dent
Max Supply: 100B Dent
Now moving towards the analysis.
In the weekly chart, DENT is trading under a weekly resistance zone marked in (green) for approximately 756 days and under a trend line for approximately 1029 days. Once the price flips the green zone and reaches to a monthly support and resistance zone marked with (blue) and a trend line we see a pullback due to strong resistance and the price of DENT falls below the green zone. Several key technical elements and zones are marked, providing a comprehensive view of the market’s structure and potential future movements.
Now we are zooming into the daily chart, DENT is trading within a defined range, with support at $0.001172 — $0.01213(Pink) and the resistance zone at $0.001490 — $0.001625(Green). This range is held from approximately 55 days. When the price reached the resistance level at 0.002702, we saw a correction in the market. The decreasing volume during this pullback indicates the bullish trend could still have potential. Several key technical elements and zones are marked, providing a comprehensive view of the market’s structure and potential future movements.
Current Price: $0.001448 USDT
Key Zones and Levels
Weekly Trend Line
A descending trend line formed from $0.008900 acts as a dynamic resistance. This trend line is crucial as it defines the current bearish trend. A breakout above this trend line would be an early indicator of a potential trend reversal.
Monthly Support and Resistance Zone (Blue) ($0.002044 — $0.002270)
Historically this monthly zone acts as a strong support and resistance zone. Many times the price bounces back from here and many times it pulls back from this zone. This is very important zone to flip for the price to make new highs. You can see this on the weekly chart shared above.
Weekly Resistance Zone (Green) ($0.001490- $0.001625)
This zone acted as a strong resistance, the price has tested this zone multiple times.
Daily Support Zone (Pink) ($0.001172 — $0.001213)
The price of DENT has tested this zone multiple times and bounced back. This zone is acting as a strong support.
Support Zone (Yellow) ($0.000870 — $0.00093)
This support is the final marked level on the chart.
Daily Trend Line
A descending trend line from the recent highs acts as a dynamic resistance. This trend line is crucial as it defines the current bearish trend. A breakout above this trend line would be an early indicator of a potential trend reversal.
There are multiple resistance and support levels also marked which are to be considered important.
Resistance at $0.002702 and $0.002265
Support at $0.001351 and $0.001052
Chart Observations
Currently, the price is trading around $0.001448, consolidating within a range bounded by the support zone at $0.001172 — $0.01213 and the resistance zone at $0.001490 — $0.001625. The price is pulling back from the trend line and could retest the support at $0.001351
Potential Scenarios
There are 2 scenarios
1- Bullish Scenario
If the price flips above the zone (Green) at $0.001490 — $0.001625 USDT and trend line, we can see a bullish move and it may target the next resistance levels at $0.002702 and $0.002265. This is a huge 66% move.
2- Bearish Scenario
If the price breaks the support at $0.001351 it can lead us to the next support zone (Pink) at $0.001172 — $0.001213 which acts as a strong support and there is a chance of bounce back from here. If this support is broken down then $0.001052 USDT is the next support which is not much stronger support and if it drops further towards the next support zone at $0.000870 — $0.000937 USDT. However, according to our analysis, the price can not drop further from the support zone in (yellow). If we see the price at the last support zone this could be the best buying opportunity.
Technical Indicators
Based on technical indicators on a daily time frame
- The relative Strength Index (RSI) value is at 58.132235 (Neutral)
- Momentum is at 0.00062 signaling a (Sell)
- MACD Level (12, 26) is at 0.000024 signaling (Buy)
- Exponential Moving Average (50): 0.001407 (Buy)
- Exponential Moving Average (100): 0.001426 (Buy)
- Simple Moving Average (100): 0.001606 (Sell)
- Exponential Moving Average (200): 0.001335 (Buy)
- Ichimoku Base Line (9, 26, 52, 26): 0.001403 (Neutral)
- Volume Weighted Moving Average (20): 0.001418 (Buy)
- Hull Moving Average (9): 0.001479 (Sell)
Interpretation
Based on technical indicators for DENT/USDT on a 1-day timeframe present a generally positive outlook. With the majority of signals indicating a buy signal. Moving averages indicate a strong buy, with 12 buy signals, 1 neutral, and 2 sell signals, pointing towards upward momentum. The moving averages strongly favor buying, suggesting a likely upward trend for DENT/USDT.
Liquidation Heatmap
The liquidation heatmap for DENT indicates a critical support zone between $0.001324 and $0.001359, where a high concentration of leveraged positions could be liquidated. If the price drops into this range, expect significant market volatility due to a cascade of liquidations. Currently, the price remains above this zone, suggesting stability and support at higher levels.
Trade Setup
DENT/USDT Setup. After a confirmed breakout from the marked zone in green, we could take an entry at 0.001655. Remember stop loss is your friend. Everything is on the chart.
Entry 0.001655
S.L 0.001326
T.P 1 0.001878
T.P 2 0.002251
T.P 3 0.002703
Conclusion:
The technical analysis for DENT/USDT suggests a potential bullish movement. On the weekly chart, DENT has been trading below key resistance levels for a long period. A breakout above $0.001490 — $0.001625 could lead to a significant upward move towards $0.002702. On the daily chart, DENT is consolidating within a defined range, with current support at $0.001172 — $0.001213. Technical indicators on the daily timeframe mostly indicate a buy, suggesting upward momentum. The liquidation heatmap highlights a critical support zone between $0.001324 and $0.001359, indicating potential volatility if breached. A strategic entry point could be $0.001655 with a stop loss at $0.001326. Overall, the outlook is cautiously optimistic with key resistance levels being crucial for further upward movement.
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This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
Stay tuned to The Crypto City Trading Newsletter for more in-depth analyses, market insights, and expert guidance. As always, we strive to empower you with the knowledge and tools needed to navigate the fast-paced world of cryptocurrency trading. Happy trading!
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