The crypto markets are treading water towards the midweek amid DENT surprise rally to fresh highs as investors remain cautious before jumping on the trend.
*Strong continuation of the upside breakout past the $0.01555
*DENT dip-buying to remain favored above $0.01
*Registers amongst the top 100 coins by market capitalization
After the pair successfully breached the initial level of resistance at $0.00415 at the end of last week, the token witnessed a corrective move in the positive direction. DENT is showing a strong continuation of the upside breakout past the $0.01555 while sustaining the bullish run at overbought zones. DENT/USD repeated daily close ahead of prior day highs is needed to confirm its bullish stance, with DENT dip-buying to remain favored above $0.01. The DENT market cap currently stands at $1.16 billion with $1.15 billion in trading volume over the past 24 hours.
Enters Top 100 Coin by Market Capitalization
As DENT recovers from its all-time low of $0.00007049 during the 2020 March market carnage, it’s up today by 17,964.03% registering amongst the top 100 coins by market capitalization. DENT Coin, launched by DENT Wireless Limited is a cryptocurrency that promises to disrupt the mobile data industry in the world. Its sole aim is to tokenize the Mobile Data Industry and create a world-wide marketplace on Ethereum to sell and buy Mobile Data. The Dent coin is a universal currency for data markets.
DENT Daily Chart: Bullish
DENT/USD has mainly been held to a wide vertical but defined upside range since its breakout from its key resistance at the $0.00415 level. On the daily chart, establishing a solid base for its advance is the moving average (50 and 200) crossing bullish on Feb 10th, the first such cross since the start of the year.
The relative strength index (RSI) stays bullish at the overbought with no active bullish or bearish divergences at this time. The immediate support zone for the DENT/USD pair sits at the psychological $0.01 level as buyers attempt to sustain the bullish run beyond the daily high at $0.01555 with increasing volume.
DENT/USD 4 Hour Chart: Ranging
The price has pulled back from the fresh high at $0.01555 after the 4 hours RSI continuously ventured into the overbought area. Instead of chasing the momentum buyers may likely wait for a discount before jumping on the trend. Currently, the short-term oscillators are suggesting growing positive movement ahead of tough upside obstacles.
The pair is likely to continue to ascend beyond the immediate upside channel resistance pattern during the following trading session. The possible target for buyers will be near the $0.016 level. However, the weekly high at $0.01555 could provide resistance for the rate in the shorter term.
Resistance Levels: $0.0170, $0.0160, $0.0155
Support Levels: $0.0116, $0.0100, $0.0080
Image Credit: Tradingview
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