- DENTUSDT pair has erased almost all gains earned during the recent bull cycle
- A drop to $0.00065 will bring the blockchain asset to pre-rally levels
- Exit from Bollinger Band squeeze suggests a breakout
JAIPUR (Coinchapter.com) – DENT is down almost 94% from its all-time high of $0.0223. After April 5, bears took over and rattled DENT markets left, right, and center. Now the blockchain asset is changing hands with a $0.00165 price tag.
Since April 17, DENT’s trend has remained restricted within a falling wedge formation. But explosive price rallies typically follow falling wedges. So instead, in the case of DENT, a sideways trading setup followed. As a result, the DENTUSDT pair ended up plateauing within a Bollinger Band squeeze pattern for a month.
Finally, the Bollinger squeeze paved the way for a breakout. In this case, a bearish breakout. A giant red candle (indicating a price drop from $0.0018 to $0.00163) in the opening London bell on July 20 confirmed the downtrend. Spot rates falling to $0.0007 will bring DENT back to pre-rally levels.
What is DENT Coin?
A brainchild of DENT Wireless LTD, a company based in Hong Kong, DENT’s objective is to revolutionize mobile data usage worldwide.
The idea is to become a decentralized global exchange for mobile data in the world. To pave the way for a future where the world’s mobile data can be sold, bought, and traded just like stocks/crypto/commodities. The aim is to minimize dependence on centralized telecom service providers. And create a peer-to-peer space, an unbounded market where mobile data can change hands freely.
The company intends to democratize data pricing and increase the efficiency of transactions through automated bidding. Just like spot markets and mobile advertising today.
On June 30, DENT Wireless LTD released the Mobile Data Marketplace 2.0 for Apple’s iOS devices. “DENTs vision is alive! We have now the most competitive worldwide eSIM data offering”, said the company in a euphoric announcement tweet.
But the most significant update was the release of the 2021/2022 roadmap on July 1. According to the official website, the production DENTNet will take place in earnest in the second half of 2021.
Along with the development of the DENTNet, the company plans to bring Polkadot and Substrate into the picture.
Due to which DENTNet’s integration with Polkadot will be tested. The purpose – making the underlying blockchain asset easily exchangeable with other blockchain networks. Besides this launching, “DENT Swap DeFi service based on Uniswap v3 technology” is also on the cards.
But the above updates failed to bolster DENT prices up nigher. Until Bitcoin starts posting significant recoveries, the situation is unexpected to change.