DOTUSD Elliott Wave Analysis TradingLounge Daily Chart

Polkadot / U.S. Dollar (DOTUSD) Daily Chart Analysis

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:

Details: Observing the five-wave increase of Wave ((1))

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

Polkadot's current trend suggests that the Wave 1 rally may soon conclude. Anticipate a correction in Wave 2, likely targeting the 61.8% (0.365) retracement level of Wave 1. This presents an opportunity to rejoin the trend once the correction is completed, anticipating a rise in Wave 3.

Technical Indicators: The price remains below the MA200, indicating a downtrend. The Wave Oscillator shows Bullish Momentum.

DOTUSD Elliott Wave Analysis TradingLounge H4 Chart

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

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:

Details: Observing the five-wave increase of Wave ((1))

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

Polkadot's short-term outlook indicates that the Wave 1 rally might be nearing its end. A correction phase in Wave 2 is expected, likely testing the 61.8% (0.365) retracement level of Wave 1. Traders should wait for the correction to finish before reentering the trend, anticipating a subsequent rise in Wave 3.

Technical Indicators: The price is positioned below the MA200, suggesting a downtrend. The Wave Oscillator signals Bullish Momentum.

Technical Analyst:  Kittiampon Somboonsod

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See Previous: NEO / U.S. Dollar (NEOUSD) Elliott Wave Technical Analysis

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