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.
After the strong bounce from the 61.8% Fibonacci level, WAVES has been moving strongly to the upside. Here, it has moved to the previous key-level above and rejected, which has caused a healthy retrace right after.
The retrace mentioned above is, in fact, a bullish and a healthy sign compared to the rest of the market. WAVES is still trading at prices above the 61.8% level and is technically just re-confirming this key-area.
The volume is significant enough to confirm this retrace and allow testing levels below 61.8% with a wick. This would not be frowned upon, especially then expecting some form of consolidation and accumulation.
The MKAST Algorithm is still showing a sell-condition, and this is as described above, yet to be expected. Even the MKAST Index is going sideways in the middle at 7/15 points, which is usually the sign of further acute downside, which once again would be appreciated by experienced traders.
ATOM has been in a strong retrace since the previous highs. It has broken key-areas of support, and with them, it is continuing its bearishness.
Looking at ATOM, we see red. Red in words of candles and volume. We see strong impulsive selling by investors who have lost hope or have the idea “to buy lower.” This downtrend is long, and with its length, it is getting weaker. While the market is moving sideways, ATOM has low interest in sellers, yet as soon as the market moves, more and more are incentivized to sell.
As expected, the MKATS Algorithm is showing a Sell-Condition, which is as well expected and understandable. The only more bearish case here is the MKAST Index, once again being at the lower third of 5/15 points. This is as on WAVES indicating further downside, of which the likelihood is quite significant since ATOM is close to the next lower key-area of support, yet not at it and ha snot touched it yet.
DOT has broken down from the potential breakout area and has been moving down in one full swap to the previous key-levels of support.
Currently, DOT has arrived at a key-level of support and can create a double bottom here. The volume on the way down to these levels was powerful, and many traders have been selling their positions. This has to stop soon, and DOT needs to see some form of consolidation and accumulation at these levels; otherwise, it will be forced to trade lower.
Looking at the MKAST Algorithm, the Sell-Condition is still and expectedly still valid, and nothing will change about it unless DOT founds a key-support and shows strength there.
Nevertheless, the MKAST Index is at 1/15, which is very low and a bullish sign. This is the only sign of approval that the current level is a support level and might become a double bottom.
To finalize today's analysis, there is once again a clear line between all three competitors. All three are still expected to retrace and find support at little lower levels. Nevertheless, WAVES is leading the pool, as it has already seen a strong movement to the upside, where it got rejected and is currently approaching its key-level of support for the second time.
Following WAVES, we have ATOM, which is still retracing, yet it has a good chance to hit the lower key-level of support with bullish divergences and create a strong bounce there.
Finally, DOT. This pair is very new, hyped, and it shows that the market is retracing. It has amplified moves to the downside compared to the market, and so it will have to find support in the community and show strength at the upcoming levels; otherwise, it will fail, and we will find it at lower levels soon.
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