$DOT is currently climbing along an ascending trend line, potentially entering wave three to the upside, though confidence in this scenario remains low. To confirm the bullish outlook, we need to see a higher low and a break above the current high, with a target of around $6.57. The wave count is unclear, but there’s a possibility that wave 2 bottomed on August 16th, and the current move may form waves three, four, and five, albeit not as a clear impulse wave. An alternative scenario suggests that the market may still be in a larger wave two, or we could be seeing a B-wave corrective rally, which could peak soon, leading to a larger ABC structure with wave C heading downward. Support levels at $3.85 and $4.6 are still in play and might be tested. The next pullback's nature will be crucial in determining which scenario prevails, with a clearly corrective pullback and a higher low favoring the bullish scenario.
Trading Call for #PolkaDOT :
- Buy Position (BP): Above $4.65
- Target Price (TP): $6.57
- Stop Loss (SL): Below $3.85
