DOTUSD Is Still Searching For The Support
Jul 11, 2022

DOTUSD

Hello Crypto traders, today we will talk about Polkadot (DOTUSD) cryptocurrency. From technical point of view and from Elliott Wave perspective, we actually see it finishing a correction and approaching strong support zone.

DOTUSD Daily Chart
DOTUSD Daily Chart

DOTUSD is trading impulsively bearish since last year and from Elliott wave perspective we are tracking higher degree wave (C) of a bigger (A)-(B)-(C) flat correction from the highs.
Wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree. As you can see, we are now tracking final wave 5 of (C) that can ideally stop around strong projected 5 support area.
Just keep in mind that we will need sharp or impulsive five-wave recovery back to 11 area to confirm support in place and bulls back in the game.

Trade well!

DAX can be supportive for Cryptos. Is this is a failure breakdown? Check our DAX chart HERE

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