We start with our macro analysis for the weekly time frame. This is where the key components of technical analysis and indicators find their combined path.
These will be compared with WAVES' direct competitors, and it will be determined which asset has the best prospects for high time frames that apply to longer-term holding periods.
WAVES has been seeing a solid bounce and reaction at the support area and the retrace target of 61.8% from the most recent highs. The bounce played out as a Low Time Frame Breakout and has pushed WAVES to the previous days' top performer list. Nonetheless, a healthy pump is mostly connected to a healthy retrace. Here, WAVES got rejected at the last key area and is now retracing.
Looking at the technical indicators, one can see the buy-volume domination and the sell-volume pitfall. This, once again, support the narrative of a quick retrace before continuation.
The MKAST Index is showing rising 8/15 points, still giving enough room for WAVES to grow. Yet, the MKAST LenLen ribbon is working as a level of resistance, which is currently one of the retrace causes.
Once the ribbon and the horizontal key-area of resistance breaks, WAVES will have a free way to go even higher.
ATOM is currently moving slowly where it has experienced a solid bounce from the key-area of support, yet unlike WAVES is not moving to the upside intensely. Instead, it is tagging alongside the market and creating small candles up, which could be seen in combination as a bear-flag. Such a structure and lack of strength (a reliable pump) displays uncertainty by the investors and could turn into a further downside.
Looking at the technical indicators, one can see the volume being very low with slight buy-volume domination. This shows that the buyers do not support the direction and that not many are interested in buying. Yet, it is worth mentioning that WAVES had similar “trouble” before the top-performing candles.
The MKAST Index is up trending and at 8/15 points while crossing up on its ALMA. Should this strength of the index continue, a potential pump might still be seen soon. Yet, should ATOM/USDT fail to close daily candles above $5.75, the $3.5 key-level of support might come sooner rather than later.
DOT is currently moving and recovering from the retrace very well. It has retraced right into the key areas of support, and without any waste of time, it started moving back up just as it is right now. Currently, POLKADOT is consolidating below resistance and while having a strong upwards momentum and a good hype around it.
When we look at technical indicators, the volume shows quite a few spikes, and lately, stronger buy-volume domination. In addition to the consolidation below resistance, the LenLen ribbon moves intensely to the upside and gives DOT reliable support.
The MKAST Index is not very intrigued by the recent moves and is going flat and sideways without any clear direction. Such movement at 9/15 points might be hinting a downfall. Therefore, DOT is bullish, yet needs to start the strong move very soon; otherwise, it will fail and retrace back into the most recent support area.
All in all once can say that the three competitors have a clear line throughout. WAVES is still leading with the top performance, the strong breakout, and healthy retraces, which are very good for further upside continuation. After that, follows DOT, with strong and decent moves to the upside and a high potential of a breakout. As mentioned in the previous report, DOT is a newcomer, giving investors a higher risk and higher potential return.
Finally, ATOM is looking indecisive and just tagging along with the market. Should the market pump, the ATOM will most likely too, yet should the market become indecisive and potentially even turn to the downside, then ATOMs moves would be amplified compared to the market.
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