Hodl, dear members of LeoFinance!
Today I would like to comment on the price chart of Dent - a crypto which priced pumped significantly in 2021 and entered the Top-100 by market cap, according to CoinGecko. Now, it is not only outside the Top-100 but is significantly below in the ranking - it is in #216 place by market cap.
So, in the monthly chart (MN), DENT/USD posted a bearish candlestick for December:
Now, there is a sequence of two bearish candlesticks (for November and December, respectively) with lower highs and lower lows. This is a clear signal that the bears continue to put pressure on the price.
Moreover, in the daily chart (1D), DENT/USD is approaching the trend line (uptrend line):
Theoretically, the trend line is supposed to provide support for the price of Dent. So, I will not exclude a rebound from the trend line. However, it doesn't mean that the uptrend will resume by all means. Actually, the bulls should be very cautious. If the price drops below the trend line it will be a solid bearish signal and it may turn out that the price pump in 2021 was just hype and was not fundamentally backed.
To be continued ...
As of the time of writing, one DENT costs $0,0040 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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