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 powerful moves in the market lately. Currently, it is inside of a falling wedge market structure. It is currently found inside of a falling wedge, which is inherently a bullish structure. Yet, as any structure, the volume must be confirmed to ensure its integrity and the possible breakout.
Here, the volume has been dominated by the buyers. A very low sell-volume as well follows the most recent drop in the last 3-4 days. Both are supporting a bullish narrative. Without elaborating why a falling wedge is very bullish at a key level of support and a 61.8% Fibonacci level, we will be continuing with other technical indicators.
The MKAST Algorithm is currently in a sell-condition, but it is already active for a very long time and seems to be flipping to a buy-condition as soon as we get a breakout or even before. The MKAST Index, on the other hand has been ranging sideways, which is an unusual path to take for it, yet it shows strength for the falling wedge and is currently above its ALMA and at 10/15 points, which is inherently bullish.
ATOM has been making strong moves lately and has broken out from its falling wedge structure. Currently, it is struggling to break and close above the most recent key-area of resistance.
Just as mentioned above, ATOM has broken out strongly, yet each breakout is followed by a “throwback” or a small retrace. This is what we are currently seeing, where ATOM is at the previous key-area of resistance and has quite some struggle to break it. This is actually opening up a possibility for a very strong and huge HTF falling wedge structure. Should this structure become true, ATOM will undoubtedly become one of the top performers of the week.
Further, we take a look at the technical indicators. The MKAST Algorithm shows a buy-condition and is giving support and hope for ATOM to breakout to the upside. Nevertheless, the MKAST Index is very high at 13/15 and above its ALMA. This is not a bearish sign, just a simple sign of caution. Especially with the falling buy-volume at resistance, it seems like ATOM might have a little more of a retrace towards the MKAST LenLen Ribbon before it can continue to the upside.
DOT has been hyped up for quite a while yet struggles to deliver properly to its supporters and is losing out on strength quite strongly. It has started its journey very strongly, acquiring strong support from the community, yet it is losing it again due to depressing price action. It has been consistently trying to break out, yet it always turned out as “another” rejection at resistance. This downtrend is very clear, yet to shed some more positive light on it, we can look at the sell-volume that has been consistently decreasing. This shows that market participants are not very interested in selling or short selling DOT at decreasing prices.
Looking at the technical indicators, we can see that the MKAST Algorithm is showing as a sell-condition. Yet, the LenLen ribbon is very thin and hugging the price candles, which is a rather bullish sign showing the possibility of a break of the ribbon and the long-lasting and robust downtrend resistance.
Such a breakout would make DOT one of the top performers again and reignite the hype around it. The MKAST Index is moving slow and low, which is not overly supportive of the bullish narrative, yet it could easily support it if DOT shows some strength since it is still above its ALMA.
All in all, we have a clear line between all three competitors.
WAVES is leading the race, again. It is still in the falling wedge that so many pairs have already broken out from. The wait should not be long until WAVES follows the market and breaks out. The volume is impressive, and the confluence is given here by many factors.
ATOM is next in line since it has broken out already and is currently at a key-area of resistance from which it could easily retrace a few % before it starts moving again. It remains bullish nonetheless the possible retraces.
Final in line, DOT. It has been struggling since its ATH and needs a strong catalyst to push the hype and the attention to it again. If DOT doesn’t see a strong move soon, it will continue its journey further to the downside. Yet should it break out, it will bring back all the hype and even more.
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