- Death cross on the DENT daily chart
- Possible support/resistance levels ahead
Yerevan (CoinChapter.com) – DENT, the native token of Dent, the Hong Kong-based digital SIM and data provider, traded at 0.0023 against Tether Stablecoin (USDT) in the London session Thursday. The token was flashing signs of bearish death cross on the daily chart.
DENT technical analysis
A death cross occurs when a short-term moving average crosses down below a long-term moving average.
On the digital data provider’s daily chart, the 50-day moving average (MA-50) adopted a downward trajectory and moved alarmingly close to the 200-day moving average (MA-200), hinting at a looming death cross. As a result, the indicator is a long-term bearish predictor until the short-term MA can restore above the long-term MA.
After the June 21 crash on the crypto market, DENT dropped 36 percent. However, it registered some green candles, recovering 10 percent in the past two sessions. SIM provider’s token sought support from the 0.021 USDT price margin, assisted through February and March 2021.
Also read: DENT dents its bullish expectations on classic bearish pennant formation — what to expect?
Possible outcomes
If DENT maintains the bullish bias, it will face a confluence of resistance. The token has been trading under a down-sloping resistance trendline for over a month. In a bullish scenario, if it successfully retests the 0.0029USDT margin and breaks above it, it will still have to face the said trendline and reclaim it as support. Then the bullish bias will gain more confidence.
Should the DENT bears win, it could retest several margins at 0.0021, 0.0017, 0.0014USDT. The noted lines have provided both support and resistance throughout February and March, before the token joined the crypto boom.
Also read: Africrypt Founders Disappear with $3.6 Billion in Bitcoin
MikabotGlobal also shared his analysis of the DENT/USDT exchange rate via Twitter. The analyst suggests support levels for both bearish and bullish scenarios.
What’s new with DENT?
Dent is currently ranked the 130th cryptocurrency with a market cap of $237 million. However, its activity on social media has subsided in the last month. The last news from the digital SIM and data provider came on May 22, when the company launched the new 4.0 application.
Whichever route DENT takes next, the token has several support and resistance levels to retest. The digital data provider traded at 0.0023USDT in the London session Thursday, with a looming death cross on the daily charts, a long-term bearish predictor. However, given the recovery across the market and the multitude of support levels, the token could see a bullish continuation.
