DOTUSD Elliott Wave Analysis - TradingLounge Daily Chart

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

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Wave II

Invalidation Level:

Details: The decline in Wave Y appears to be nearing completion, suggesting a potential return to the uptrend for DOTUSD.

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

The correction of Wave 2 seems to have concluded, with the price likely to resume its upward movement. Consider opportunities to enter the market in anticipation of the Wave 3 uptrend.

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

• The price remains below the MA200, signaling a downtrend.
• The Wave Oscillator indicates bearish momentum.

DOTUSD Elliott Wave Analysis - TradingLounge 4-Hour Chart

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

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Double Corrective

Position: Wave ((Y))

Next Higher Degree Direction: Wave II

Invalidation Level:

Details: Be cautious as a decline in Wave II could continue. A drop below the 3.566 level would invalidate the uptrend.

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

The correction in Wave 2 appears to be complete, with the price likely to continue moving upwards. Look for entry points to join the anticipated Wave 3 uptrend.

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

• The price is positioned below the MA200, suggesting a downtrend.
• The Wave Oscillator shows bearish momentum.

Technical Analyst:  Kittiampon Somboonsod

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

See Previous: Cardano/ U.S. Dollar (ADAUSD) Elliott Wave Technical Analysis

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