23Jan

DOTUSD Elliott Wave Analysis: Polkadot Price Prediction, Trading Strategy, Market Trends, Support and Resistance Levels Insights

DOT/USD (DOTUSD) Elliott Wave Technical Analysis - TradingLounge 1D Chart Analysis

DOTUSD Elliott Wave Technical Analysis Overview

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Next Higher Degree Direction: Wave II

Wave Invalidation Level: N/A

DOT/USD Trading Strategy Overview
DOT/USD is currently in a Wave II corrective structure, following the classic A-B-C pattern.

  • Wave A: A strong pullback from recent highs.
  • Wave B: Ongoing rebound phase.
  • Wave C: Anticipated to extend further into the lower target zone.

Traders should monitor the 5.3691 support zone, which will help determine whether the price is approaching the completion phase of Wave II.

Key Forecasts and Market Outlook

  • Short-term: The price is projected to continue downward in Wave C, potentially testing the key support level of 5.3691.
  • Mid-term: The corrective move in Wave C could push prices down to test the major support at 0.650.
  • Long-term: If Wave II completes, an upward movement in the larger Wave III may initiate, signaling a potential bullish trend.

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DOT/USD (DOTUSD) Elliott Wave Technical Analysis - TradingLounge 4H Chart Analysis

DOTUSD Elliott Wave Technical Analysis Overview

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave ((C))

Next Higher Degree Direction: Wave II

Wave Invalidation Level: N/A

DOT/USD Trading Strategy Overview
The market remains in a Wave II corrective phase, structured in an A-B-C corrective sequence.

  • Wave A: Experienced a significant decline from previous highs.
  • Wave B: Current rebound phase observed.
  • Wave C: Expected to extend lower, reaching the targeted support zone.

Traders should closely monitor the 5.3691 support level, ensuring that the corrective pattern aligns with the expected end of Wave II.

Key Forecasts and Market Outlook

  • Short-term: Anticipated downward correction in Wave C, with a focus on the 5.3691 support level.
  • Mid-term: Further downside risk remains, with support potentially being tested at 0.650.
  • Long-term: If the corrective Wave II finalizes, a bullish reversal towards Wave III may emerge.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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