DOT/USD (Polkadot to U.S. Dollar) Elliott Wave Analysis: Daily Chart
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave II
Invalidation Level: N/A
DOT/USD Trading Strategy
The current analysis suggests that DOT/USD is moving lower within Wave C, targeting the 5.3691 support level, aligning with the 78.6% Fibonacci retracement level. Once the corrective Wave C concludes, completing the Wave (II) structure, the price is expected to initiate a new uptrend, marking the onset of Wave (III).
Main Outlook:
- Short-Term Perspective: The price remains in a downtrend as part of Wave C.
- Long-Term Perspective: Following the corrective phase, the price may shift into an uptrend in Wave (III), which aligns with the broader Elliott Wave structure.
DOT/USD (Polkadot to U.S. Dollar) Elliott Wave Analysis: 4-Hour Chart
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave ((C))
Next Higher Degree Direction: Wave II
Invalidation Level: N/A
DOT/USD Trading Strategy
The short-term analysis for DOT/USD continues to project a decline in Wave C, targeting the 5.3691 support level, correlating with the 78.6% Fibonacci retracement. After Wave C concludes, the Wave (II) correction should give way to a Wave (III) uptrend, signaling a potential price reversal and upward momentum.
Main Outlook:
- Short-Term Perspective: The market remains bearish, with further downside in Wave C expected.
- Long-Term Perspective: Upon completing the corrective Wave (II), the price may transition to Wave (III), initiating a strong uptrend as part of the larger market cycle.
Technical Analyst: Kittiampon Somboonsod
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