?DENTUSDT to peak around $0.05 before BTCUSD peaks?• DENT has many similarities with LRC.
• One, both been depreciating against both BTC and ETH.
• Two, I’ve doubts about their real life use cases.
• Three, both are bubbly assets which I picked up during BTCUSD’s Consolidation Phase.
• Four, both do not acquiesce easily to TA (especially for short-term trading).
• Regarding the last point. I suspect the main contributing factor to be TradingView’s limited data for DENTUSDT. The earliest data is from Aug’19.
• However, a reasonable TA can be accomplished if we obtain DENTUSDT’s ATH of $0.10060 during the previous bullrun from CoinGecko, and compare DENTUSDT together with DENTBTC.
From the DENTBTC chart:
• During the previous bullrun, the 8.236 Fib from DENTBTC’s 1st peak to bottom brings us to 0.000007032, very close to her 2nd peak of 0.000006890.
• *My gut sense* is that with the pandemic, and DENT’s delayed launch of her eSim, DENTBTC will not fare as well as the previous bullrun when DENT was pumped up by the ICO hype. DENTBTC may very well only hit the 0.786 Fib level of 0.0000003169.
• Note: DENTBTC just turned bullish with the 8WSMA crossing over the 21W EMA.
From the DENUSDT chart:
• The 2.272 Fib from DENTUSDT’s peak during the previous bullrun to her bottom in Mar’20 gives us $0.022772. This is very close to DENTUSDT’s 1st peak during this bullrun of $0.022700.
• *If history is any indication*, applying the same 2.272 Fib to this bullrun’s 1st peak will give us a theoretical 2nd peak of $0.049589.
Putting both together
• *Assuming* our calculations to be accurate, 0.0000003169 BTC and a 2nd DENTUSDT peak of $0.049589 suggests that DENTUSDT will peak at around the point when BTCUSDT is at $156.5K.
• *Assuming BTCUSD macro trends persist*, DENTUSDT will peak before BTCUSD peaks.
• This $0.05 DENTUSDT peak may seem like an overly conservative target as it nears, and DENT moonbois may point out that DENTBTC has not surpassed its ATH of 0.000007032. RSI may also not reach overbought levels.
• However, as with many things, I’d rather be wrong but rich.
Dentusdlong
DENT Bullish 📈DENT is in this lovely trend where it looks like it can break out on the daily chart.
I would wait for a confirmation of a break to enter, and then enter more position size if we have a pull back to that resistance and test it as new support.
I believe this should send DENT to its trend high.
Play with a tight stop loss and take profits on resistance levels.
Thanks to member Kyle for bringing this to my attention.
