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 bouncing strongly from a bullish divergence at support and is currently at an HTF wedge, which could soon be reversed.
As mentioned above, WAVES is currently bouncing from previous support. That is of no surprise since the volatility and support for WAVES have been enormous, and one can see it very clearly in the market.
When we look at the structure, inherently, a wedge is instead a continuation structure. Yet, in combination with being at support and having relatively low and insignificant volume, this structure favors a reversal, not a continuation.
Looking at technical indicators, the MKAST Algorithm is showings still a sell condition. Yet, the price is trading above the LenLen ribbon, which should be turning into a buy-condition soon.
Nevertheless, the MKAST Index gives mixed signals. It ranges in the middle, enabling a possible re-test of support and bullish divergence support once again before the breakout happens.
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ATOM has reached a key level of support and has a strong reversal and a powerful reaction.
As mentioned above, ATOM has reached the key-area of support we have been mentioning over the last weeks in the reports. Most remarkably, a strong bullish divergence went directly into the area of support, and so the very strong reaction into the previous key-area has started.
Now, the goal should be to finally break and turn this last key-area into a key-area of support. This is especially interesting to see since the MKAST Index is turning to the upside and giving this a bullish confirmation. The volume is steadily rising and dominating over the sell-volume. The last confirmation needed is the MKAST Algorithm to show a buy-condition, which might be seen soon, since ATOM is trading above the LenLen ribbon.
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After the failed breakout at resistance, DOT has retraced back into the key-levels of support and is currently trying to finalize a bounce to create a bullish double bottom reversal.
As just mentioned above, DOT is in the middle of a confirmation of an Adam and Eve Double bottom. We can see two very clean valleys, starting at almost the same price, definitely not a bearish sign.
Nevertheless, DOT is currently once again at resistance and once again trying to break out. The chances for the breakout are high enough for consideration, yet there are more factors to consider. Looking at the MKAST Algorithm, it already is showing a bullish condition that supports the narrative of a breakout and re-test of the previous key-area above. The MKAST Index is still above the ALMA and at 8/15 points, which is relatively bullish. It is essential to mention the Sell-Volume spike at resistance, which is higher than the buy-volume spikes.
Comparing all three competitors, we can see a clear line throughout.
Leading the party is WAVES. This one is the one with the highest and “safest” potential out of all three. It has been making strong and reliable moves, has a huge wedge that could break out any time, start a strong pump, and is still at support.
Following WAVES is ATOM. Here, we see already a wedge breakout, so the opportunity is lower, yet still interesting since it has been going up and the momentum might bring more impulsive moves.
Finally, we see DOT. This one has been struggling lately and could indeed see a bounce and reversal yet is the riskiest of all three since the downtrend, while everything else was bounce, was relatively diminishing.
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