Potential to the upside, LSMA is cool
Updated
Hey,
My last DENT idea didn't play out as the Fed decided not to increase rates or implement quantitative tightening. Pretty surprising, and new fud/hype will be there once again in March.
But this is good, the downtrend is finally being tackled, sentiment is shifting and, more importantly, we have upside targets.
the LSMA (green thicc line) is an underrated indicator imo. It indicates reversal, and this is easy to see with a quick glimpse in the past. It gets less accurate with shorter time frames but very indicative in longer timeframes (daily and weekly).
And guess what. DENT is sitting above the LSMA. It's not impossible for this to be a fakeout, for the price to go below it and get rejected. Realistically though? I don't see that happening.
We've established a solid support at the .0025 area, and we're currently tackling the last barrier before going straight to the .006 level.
And if you see some comment like "but one wallet has 70% of dent's supply!", that's a lie. 58% of the supply is sitting in Binance 7 and Binance 8 wallets, which is basically the supply that is being traded by Binance users (make sense, as it's one of the few Exchange that has DENT. next biggest wallet is at 4%, far from the claims of misinformed people.
DENT is one of the few crypto asset with real usecases, with considerable network growth, an upcoming mainnet (2022 according to roadmap).
Still, always DYOR and remember to watch BTC closely.
All the best
My last DENT idea didn't play out as the Fed decided not to increase rates or implement quantitative tightening. Pretty surprising, and new fud/hype will be there once again in March.
But this is good, the downtrend is finally being tackled, sentiment is shifting and, more importantly, we have upside targets.
the LSMA (green thicc line) is an underrated indicator imo. It indicates reversal, and this is easy to see with a quick glimpse in the past. It gets less accurate with shorter time frames but very indicative in longer timeframes (daily and weekly).
And guess what. DENT is sitting above the LSMA. It's not impossible for this to be a fakeout, for the price to go below it and get rejected. Realistically though? I don't see that happening.
We've established a solid support at the .0025 area, and we're currently tackling the last barrier before going straight to the .006 level.
And if you see some comment like "but one wallet has 70% of dent's supply!", that's a lie. 58% of the supply is sitting in Binance 7 and Binance 8 wallets, which is basically the supply that is being traded by Binance users (make sense, as it's one of the few Exchange that has DENT. next biggest wallet is at 4%, far from the claims of misinformed people.
DENT is one of the few crypto asset with real usecases, with considerable network growth, an upcoming mainnet (2022 according to roadmap).
Still, always DYOR and remember to watch BTC closely.
All the best
Note
Edit: forgot to mention, there's a very, very minimal bullish divergence in the weekly RSI, another bullish factor I forgot to mention.
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