DENT In a descending channel
Updated
The price of the DENT is in a downtrend, characterized by a series of lower highs and lower lows within a well-defined descending channel. This pattern has been in play since March 2024, indicating sustained bearish pressure on the asset. The price has repeatedly attempted to break out of this channel but has consistently been met with selling pressure, driving it back down.
Key resistance zones (Green) have formed at $0.001489 - $0.001578. The Green zone has historically acted as a strong resistance, as seen from multiple failed attempts to breach this zone. The $0.000933 level coincides with the upper boundary of the descending channel, making it a critical level to watch. A breakout above this could signal a potential trend reversal, but the prevailing downtrend suggests that this level will likely continue to cap any upside attempts.
On the support side, the price has recently found footing at $0.000730 level, which aligns with the middle of the descending channel. This level is crucial for the bulls, as a breakdown below it could lead to further declines, with the next significant support zone (Blue) at $0.000557 - $0.000582 . This latter level is particularly noteworthy, as it represents a previous low from October 2023, marking a possible target if the bearish momentum persists.
Currently, the price is hovering around $0.000832, near the middle of the channel, following a minor rebound from the $0.000730 support. This recent price action appears to be more of a corrective bounce within the overall downtrend, rather than a signal of a trend reversal. Unless the price manages to break above the $0.000933 resistance and the descending channel, the bearish outlook remains dominant.
Key resistance zones (Green) have formed at $0.001489 - $0.001578. The Green zone has historically acted as a strong resistance, as seen from multiple failed attempts to breach this zone. The $0.000933 level coincides with the upper boundary of the descending channel, making it a critical level to watch. A breakout above this could signal a potential trend reversal, but the prevailing downtrend suggests that this level will likely continue to cap any upside attempts.
On the support side, the price has recently found footing at $0.000730 level, which aligns with the middle of the descending channel. This level is crucial for the bulls, as a breakdown below it could lead to further declines, with the next significant support zone (Blue) at $0.000557 - $0.000582 . This latter level is particularly noteworthy, as it represents a previous low from October 2023, marking a possible target if the bearish momentum persists.
Currently, the price is hovering around $0.000832, near the middle of the channel, following a minor rebound from the $0.000730 support. This recent price action appears to be more of a corrective bounce within the overall downtrend, rather than a signal of a trend reversal. Unless the price manages to break above the $0.000933 resistance and the descending channel, the bearish outlook remains dominant.
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DENT is on support level $0.000730
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