DOT/USD Elliott Wave technical analysis

Function: Follow Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave V.

Direction next higher degrees: Wave (C).

Details: The five-wave falling in wave V.

Five wave V retracement, the final wave of wave C before resuming the uptrend. We expect the price to drop to test the 2.227 level, so the overall picture is still a short-term decline before resuming the uptrend.

DOT/ U.S. dollar (DOT/USD) Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

DOT

DOT/USD Elliott Wave technical analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave V

Direction next higher degrees: Wave (C)

Details: The five-wave falling in wave V.

DOT/ U.S. dollar (DOT/USD) Trading Strategy: Five wave V retracement, the final wave of wave C before resuming the uptrend. We expect the price to drop to test the 2.227 level, so the overall picture is still a short-term decline before resuming the uptrend.

DOT/ U.S. dollar (DOT/USD) Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum.

DOT

Polkadot Elliott Wave technical analysis [Video]


As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP