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Elliott Wave Analysis TradingLounge Daily Chart, 9 February 2023.  

Polkadot / U.S.dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next higher Degrees: wave I of Motive

Details: The rise of the first wave is in an uptrend, upon completion, the price will retrace again in the second wave, but must not retrace more than 100% of the first wave.

Wave Cancel invalid level: 4.23

Polkadot / U.S. Dollar (DOTUSD) Trading Strategy: Polkadot looks like the downtrend is over. And the price is rising at the beginning of an uptrend. Currently, the price has recovered well from the level of 4.2366, but since it is the beginning of the uptrend in the first wave. The price, therefore, has a chance to correct in the second wave. If unable to cross the MA200 line, watch out for a retracement.

Polkadot / U.S. Dollar (DOTUSD) Technical Indicators: The price is above the MA200 indicating a downtrend. The wave oscillators above Zero-Line momentum are bullish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 9 February 2023.  

Polkadot / U.S. Dollar (DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Diagonal

Position: Wave (5)

Direction Next higher Degrees: wave ((1)) of Motive

Details: The fifth wave is the last wave in the sequence "5". Watch out for the pullback

Wave Cancel invalid level: 4.23

Polkadot / U.S. Dollar (DOTUSD) Trading Strategy: The fifth wave is the last wave in the sequence "5", an alert before a correction or trend change. Wait for a correction back in wave ((2)) to join the trend again.

Polkadot / U.S. Dollar (DOTUSD) Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators below Zero-Line Bearish momentum.

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