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 making impressive moves lately, especially while holding the key-area of support, which it has just reclaimed recently. It sees consistent spikes in price and volume, supporting the investors' motivation and sentiment. Following the strong wedge breakout, then the bull-flag breakout, now the sideways consolidation is perfect and healthy since a retrace from these levels was usually expected.
Looking at technical indicators, such as the MKAST Algorithm, one can see a buy-condition going on. It is entirely understandable since it is still above the key-level of previous resistance, which is now support. The MKAST Index is slowly decreasing over the times, which shows clearly that the strength above the support area is decreasing, yet is not entirely diminishing. The Index is showing 6/15 points, which is also going stale at the current moment. This stale movement could be indicating a soon reversal.
ATOM did have a good chance of reversal and continuation at the previous key-area of resistance, which was in the middle of turning into a critical area of support. It has started to retrace strongly and is right now approaching the previous key-area of support. That area of support is a healthy interest level and has a high chance of being re-test if the price doesn't reverse very soon.
Looking at technical indicators, such a step MKAST Algorithm, one can see that it is showing a bearish condition. It has changed into a sell signal right after breaking down the previous key-area of resistance. The MKAST Index is very low at 1/15 points and going sideways, yet it is not confused with a strong bullish signal since such strong and long sideways movement shows no strength per se. The Index needs to rise to give strength back to ATOM. The low sell-volume might indicate that this entire breakdown and move below the range is just a "fakeout."
DOT has been moving in a relatively slow manner lately. It had its time of glory above the key-area of resistance, yet it turned out to be a Swing Failure Pattern, which has caused the price to plummet and retrace into previous key-levels while breaking the local uptrend support.
Looking at the MKAST Algorithm, one can see that it shows the sell-condition since the price got rejected at resistance, which is once again entirely understandable. Nevertheless, the MKAST Index is showing 5/15 points and is about to cross above its ALMA. Such cross-up might give some strength back to DOT, yet should not be taken overbullish, as DOT is downtrending locally with a significant amount of sellvolume.
WAVES is leading the race with the highest chances for potential traders. It is holding its key-area firmly, and even a small retrace would not hurt the over-all sentiment. ATOM is following DOT tightly. These two pairs have not been showing much strength lately and still have some downside potential. Both ATOM and DOT might be seeing a possible bounce soon if the entire market becomes very bullish again, yet they are not looking like pairs that would outperform the market.
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