DOTUSD Elliott Wave Analysis – TradingLounge Day Chart

Polkadot/U.S. Dollar (DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next Higher Degrees: Wave I of Impulse

Wave Cancel Invalid Level: Not specified

Details: Wave 1 significantly increases before transitioning to a Wave 2 correction.

Polkadot/U.S. Dollar (DOTUSD) Trading Strategy

• The Wave 1 rally appears complete, signaling the potential for a Wave 2 corrective phase.

• Despite the anticipated correction, the overall price trajectory remains in an uptrend.
• Monitor closely for re-trend opportunities as the price action stabilizes.

Polkadot/U.S. Dollar (DOTUSD) Technical Indicators

• The price remains above the MA200, confirming the ongoing uptrend.

• The Wave Oscillator exhibits strong bullish momentum, reinforcing the positive outlook.

Polkadot/U.S. Dollar (DOTUSD) – 4-Hour Chart

DOTUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next Higher Degrees: Wave I of Impulse

Wave Cancel Invalid Level: Not specified

Details: Wave 1 exhibits a strong upward movement, setting the stage for an anticipated Wave 2 correction.

Polkadot/U.S. Dollar (DOTUSD) Trading Strategy

• With the Wave 1 rally complete, prepare for the Wave 2 correction phase.

• The price action remains aligned with the uptrend, so re-trend opportunities should be the focus moving forward.

Polkadot/U.S. Dollar (DOTUSD) Technical Indicators

• The price continues to stay above the MA200, maintaining the bullish trend.

• The Wave Oscillator reflects bullish momentum, providing further confidence in the uptrend.

Technical Analyst:  Kittiampon Somboonsod

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