This altcoin is showing strength and could move higher in the near future

Dent (DENT) initially broke above the USD 0.0073 resistance space on Aug 14, however fell again beneath it the subsequent day. As a consequence, the earlier motion stays only a deviation.

However, the price broke a short-term descending wedge and is at present making one other try to recapture the $ 0.0073 horizontal resistance space.

Deviation from resistance

DENT has elevated since July twentieth. The upside accelerated on August eleventh and the price hit a excessive of $ 0.0089 4 days later.

Initially, it regarded like the token broke above the $ 0.0072 resistance space. However, it fell again beneath this zone nearly instantly and made a deviation (pink circle) over the resistance space.

DENT is at present in the course of of creating one other breakout try after leaping up from the supertrend line (inexperienced). However, MACD and RSI are comparatively impartial. While the former is in the line zone and the latter is over 50, each don’t rise.

If there is a breakout, the closest resistance is at $ 0.0115.

DENT / USDT every day chart | Source: TradingView

Short time period outbreak

After the rejection, DENT consolidated itself in a briefly falling wedge. The descending wedge is thought-about a bullish reversal sample.

The six-hour chart reveals that the token breaks the wedge on September 2nd and then confirms it as help.

Additionally, it re-confirmed the USD 0.0065 space as help on September 6, creating an extended wick beneath (inexperienced symbol).

In addition, the RSI has moved properly above the 50 line and the MACD is in constructive territory.

These are short-term bullish indicators that recommend the bulls will try one other breakout.

DENT / USDT 6-hour chart | Source: TradingView

Count waves

Trader @TheTradingHubb designed a DENT chart indicating that the fourth wave is more likely to be coming to an finish.

The supply: Twitter

The almost definitely wavenumber really signifies that wave 4 is full. In this case, the breakout above the wedge marked the starting of the fifth wave.

The almost definitely targets for the high of the up move are at $ 0.01 and $ 0.01808.

The goal is discovered utilizing the exterior retracement FIb degree of 1.61 (black) on wave 4 and the projection of the 0.618 Fib projection of waves 1-3 (orange) onto the backside of wave 4.

After that, a short-term decline in DENT is to be anticipated.

DENT / USDT 6-hour chart | Source: TradingView

You can see the DENT costs right here.

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Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a call. We aren’t chargeable for your funding selections.

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