Hey guys and gals hope you are well and welcome to the new update on Dent coin. Dent coin has formed a really very big bullish harmonic pattern that can make it the biggest gainer of 2020 and 2021 among all altcoins therefore in today's article we will have analysis on this move.
Rank, market cap and volume:
If we visit the coinmarketcap then we can see that the Dent coin is ranked at 190 position. Its mean that it is ranked among top 200 cryptocurrencies out of more than 2300 cryptos. And if we watch the market cap of Dent then it is 16.6 million dollars. Here a very important point to be noticed is that the last 24 hour volume is 4.5 million dollars. Few days back it was more than 29 million dollars. If the trade volume is getting decreased its mean that the trend is going to be changed soon. For example if there is a bullish trend then it will be changed to bearish and if there will be a bearish trend then it will be changed to the bullish and soon buying volume will be increased.
https://coinmarketcap.com/currencies/dent/historical-data/
Movement in channel:
If you take a look at the Dent with US dollar pair then it has formed an up-channel since after mid of March 2020 like the Bitcoin also has formed an up channel. But from the lowest of March up to the highest of June the Dent coin produced more than 288% rally, on the other hand, the Bitcoin produced only 170% rally. So the Dent is going more bullish than BTC moreover the Bitcoin also has broken down the support of the channel and the Dent coin is still moving within this channel.
I have also placed the bill William alligator indicator on this chart. This is a combination of three moving averages 5,8 and 13. The moving average 5 is called lips the moving average 8 is called teeth and moving average 13 is called jaw. Whenever the 5 moving average moves above all and 13 moving average moves below all other MAs then it is called an opened alligator mouth that is a strong bullish or buying signal. And whenever we have the opposite situation like the 5 moving average goes below all other moving averages and the 13 moving average moves above all moving averages then it is called a closed alligator mouth that is a sell or bearish signal.
At this time after hitting the resistance, the price action is moving towards support. So at this time pricline is in bearish trend. As we have discussed earlier that if the trend is bearish and volume is getting decreased then it is a clear signal that soon a buying volume will be entered and the trend will be changed. Now on the chart we can see as the price action is moving closer to the support the 5 simple moving average of alligator indicator has started the upward movement and crossed the 8 moving average and soon it can cross up the 13 moving average as well. And once this cross will be formed then the alligator mouth will be opened that can lead the price action to the resistance again.
Dent with Bitcoin pair a big bullish Crab move:
Now after watching the Dent coin with US dollar pair I would like to take you to the Dent coin with Bitcoin pair. And the basic reason for today's post is also to show you a very big harmonic move that the Dent coin has formed in the Bitcoin market.
This harmonic move can be seen on 4-day chart very clearly. And the Dent has formed a very big Crab pattern and the final leg has been retraced from 1.27 up to 1.618 Fibonacci retracement level. Here you can see that the 1.618 retracement level is in the negative territory and it is not possible for the price line to move up to that level. But I have placed the pattern up to that level only for the educational purpose to show you the perfection of this pattern. Otherwise, the potential reversal zone starts from 0.0000001 sats. And as per Fibonacci sequence, the targets for the Dent coin Crab pattern would be as below:
Buy between: 0.00000005 to 0.0000001 sats
Sell between: 0.00000010 to 0.00000023 sats
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So this Crab pattern has the potential to produce upto 2200% big bullish rally. However, if the priceline will breakout the 0.786 Fibonacci projection of A to D leg then it can turn even more bullish.