We will be conducting a macro analysis between the three competitors WAVES, ATOM, and DOT while analyzing their technical status and comparing all three together in the end.
WAVES has been moving very strongly lately and has consolidated inside a falling wedge pattern for almost a month. Currently, WAVES is breaking out of this pattern with increasing buy-volume, where it is looking to hit higher levels of resistance.
This breakout was imminent and mentioned in the analysis many times before. It is an extraordinarily strong breakout since it had a consolidation period of almost a full month at support and the 61.8% Fibonacci retracement level.
Looking at technical indicators, one can see the MKAST Algorithm being on a bullish condition, which is entirely self-explanatory and understandable in a bullish environment. The same goes for the MKAST Index, which is at 13/15 points. This shows some serious strength and still has 2 points to grow until it can be considered overbought.
ATOM has been making very impressive moves lately, and it has broken out of the HTF falling wedge, which was mentioned in the previous analysis. This breakout was caused by a bull-flag, which led right into the MKAST LenLen ribbon and pushed past the downtrend resistance.
The breakout is approaching the previous key-level of resistance, which is marked in red on the snapshot. The volume is strong, but currently, it is lacking a little and approaching its apex. When looking at the technical indicators such as the MKAST Index, one can see that it is already showing an overbought condition, and it is too late to enter right now. The MKAST Algorithm remains bullish since it is over-all remarkably bullish to break out from such HTF falling wedge.
DOT finally broke the downtrend resistance after an exceptionally long and nasty downtrend, which has been going on for an exceedingly long time and has demolished any hype around it.
After breaking out from the downtrend, DOT is hovering below the previous key-area of resistance, which is not an extremely bullish sign to see as a DOT supporter. This reminds the traders of the earlier times that DOT has been hovering below the resistance and has broken down and continued the downtrend even further. This especially shows right now in the volume, which is lacking behind and over-all decreasing strength.
Looking at technical indicators, such as the MKAST Index, one can see that the Index has been down-trending already for quite a while and has broken below its ALMA EQ. This is inherently not a bullish sign and shows that DOT needs any support out there to break upwards and regain the bullishness.
All in all, we can see a noticeably clear line between all three competitors.
WAVES is leading the race with not the highest bullishness, but the highest opportunity for an experienced trader. It is currently breaking out from its HTF falling wedge and having much bullish news and support. The condition is still not overbought and has room to grow.
Following this, ATOM is one of the most bullish pairs of all three yet giving the worst entry for experienced traders, since it has already broken out and is in an overbought condition, showing signs of weakness and possible reversal at the next key-level rejection.
Finally, there is DOT, once again very shaky and very risky. It has shown some strength but is not able to continue it currently. The strength is weakening, and it is struggling to break resistance. A break-out is needed very much since it is the last chance to continue its uptrend finally.
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