Polkadot DOT (DOT-USD) Price Chart Analysis

DOTUSD Elliott Wave Technical Analysis May 21 2023

4Hour

Polkadot /U.S.dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Direction Next higher Degrees: wave (2) of Motive
Details: It is possible that wave ((2)) may have ended at the level of 5.115 And breaking the level of 5.520 will support this idea.
Wave Cancel invalid level: 4.2366

Polkadot /U.S.dollar(DOTUSD) Trading Strategy: It is possible that wave ((2)) may end at the level of 5.1152. A five-wave rise and breakout of the level of 5.5204 will support this idea. but still The price is still in a downtrend as it holds below the MA200. Trading remains cautious.

Polkadot /U.S.dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are  Bullish  momentum

Daily

DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Double Corrective
Position: Wave Y
Direction Next higher Degrees: wave (2) of Motive
Details: It is possible that wave ((2)) may have ended at the level of 5.115 And breaking the level of 5.520 will support this idea.
Wave Cancel invalid level: 4.2366

Polkadot /U.S.dollar(DOTUSD)Trading Strategy: It is possible that wave ((2)) may end at the level of 5.1152. A five-wave rise and breakout of the level of 5.5204 will support this idea. but still The price is still in a downtrend as it holds below the MA200. Trading remains cautious.

Polkadot /U.S.dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend MACD and RSI are  Bearish momentum