Polkadot (DOT/USD) continues to intrigue traders with its dynamic price movements and patterns that often adhere to the Elliott Wave principles. This analysis will explore the technical aspects of DOT/USD trading patterns on both the daily and H4 charts, providing insights into potential future movements and strategic trading decisions.
TradingLounge Elliott Wave Analysis of Polkadot (DOT/USD): Daily Chart
The Elliott Wave Technical Analysis on the daily chart for Polkadot against the U.S. dollar (DOT/USD) showcases a counter-trend structure with a flat correction pattern that is currently positioned in Wave C.
Pokadot/ U.S. dollar(DOTUSD) Daily Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C
Direction Next higher Degrees: wave (II) of Impulse
Wave Cancel invalid level:
Details: Wave II Is equal to 61.8% of Wave I at 5.225
Pokadot/ U.S. dollar(DOTUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.
Pokadot/ U.S. dollar(DOTUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, The Wave Oscillator is a Bullish Momentum.
TradingLounge Elliott Wave Analysis of Polkadot (DOT/USD): 4-Hour Chart
On the H4 chart, Polkadot's market behaviour aligns with a follow-trend function, characterized by a motive structure. This indicates a more aggressive trading pattern, typically associated with significant price movements.
Pokadot/ U.S. dollar(DOTUSD) 4-hour Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction Next higher Degrees: wave C of Flat
Wave Cancel invalid level:
Details: A short-term pullback in wave 4 before falling again in wave 5.
Pokadot/ U.S. dollar(DOTUSD)Trading Strategy:
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.
Pokadot/ U.S. dollar(DOTUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: Elliott Wave Technical Analysis of NEO/USD
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 6 Analysts covering over 150 Markets. Chat Room With Support
Conclusion and Trading Tips
Both the daily and H4 charts for Polkadot (DOT/USD) indicate bullish momentum with ongoing corrections that offer strategic entry points for traders. By applying Elliott Wave Analysis, traders can better anticipate price movements and optimize their trading strategies accordingly.