The Quest For a Moonshot - DENT Nearly 99% Down!
Updated
Posting this quick chart for future reference in case it goes up. Taking a bit of a break during the week. Didn't know much about this coin until recently, but disrupting the telecom industry sounds like a pretty strong case for being bullish on DENT. Now, this is a risky play since we could still fall to the 18...or even 6 sat area. These low sat coins are hard to move because there aren't that many possible prices to choose from. This is a blessing and a curse. It's a blessing because they tend to gain in value quickly, since people see them as "cheap." The small numbers do play a psychological role in our perception. It's a curse though because you can get stuck in these for a while (think HOT, BTT, NPXS). It's hard to get your order filled.
Anyway, I'm fairly convinced we've seen the bottom on DENT because of the volume on our recent rise. A similar pump and then retrace happened when XLM reached its recent bottom. I decided to get out of ENG and put my "moonshot" money on DENT for now. Yes, ENG could indeed go parabolic soon, but I'm betting on DENT yielding higher returns overall. It's also the only promising crypto I've looked at that is THIS far down from its ATH, both in Bitcoin value and in USD value. Just look at coinmarketcap: coinmarketcap.com/currencies/dent/
I bought at 24 sats, but confirmation would be a move beyond 30, breaking the descending resistance. All potential resistances are in pink on this chart. Perhaps a retest of 22 is also in the cards. This is one of the few alts that has only recently hit a lower low, so I see this as a good opportunity.
This is not financial advice. Totally speculative, and as I said, there is some risk involved. As I said earlier today, I probably won't be posting much this week. I need a break, and this was a coin I felt comfortable putting some funds into. Regardless of whether or not we've seen bottom (my bias is that we have), I feel like I've done a very good job analyzing the market of late, at least day to day. Not that I need to quit while I'm ahead, but I think I want to step back for a bit. Good luck guys!
-Victor Cobra
Anyway, I'm fairly convinced we've seen the bottom on DENT because of the volume on our recent rise. A similar pump and then retrace happened when XLM reached its recent bottom. I decided to get out of ENG and put my "moonshot" money on DENT for now. Yes, ENG could indeed go parabolic soon, but I'm betting on DENT yielding higher returns overall. It's also the only promising crypto I've looked at that is THIS far down from its ATH, both in Bitcoin value and in USD value. Just look at coinmarketcap: coinmarketcap.com/currencies/dent/
I bought at 24 sats, but confirmation would be a move beyond 30, breaking the descending resistance. All potential resistances are in pink on this chart. Perhaps a retest of 22 is also in the cards. This is one of the few alts that has only recently hit a lower low, so I see this as a good opportunity.
This is not financial advice. Totally speculative, and as I said, there is some risk involved. As I said earlier today, I probably won't be posting much this week. I need a break, and this was a coin I felt comfortable putting some funds into. Regardless of whether or not we've seen bottom (my bias is that we have), I feel like I've done a very good job analyzing the market of late, at least day to day. Not that I need to quit while I'm ahead, but I think I want to step back for a bit. Good luck guys!
-Victor Cobra
Note
Retested 22 successfully. Let's see if bulls can make an attempt at breaking the downtrend. If 22 fails to hold though, we'll have to head to a lower support, or we'd need to bounce quickly off a slightly lower price. Note
There is indeed a lot of FUD surrounding this coin, and rightly frustrated investors. This has been one of the worst performing coins of the bear market. It IS possible that it dies out, but according to volume it seems that we’ve finally entered an accumulation range. As I said, this is a risky trade (high risk, high reward). I may even decide to get out, if I start to see signs of weakness (of if we get bad news, like a delisting).Trade closed manually
Decided to get out. May re-enter if we break the triangle (less risky trade). Decided to get back into ENG instead. I just really got spooked by the investor sentiment, unfortunately. Sometimes even being greedy when others are fearful feels wrong.
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