Dominance stablecoin DAI in weekly time frame
My only goal in analyzing this stablecoin is not to set a target for the desired ranges, but to achieve results for the entire market.
As you can see in the picture, after forming a corner pattern at the ceiling and breaking it down, the DAI dominance has started a downward trend, which has caused the growth of the digital currency market.
But in several graphs where this pattern was observed in this wave, the results were almost the same.
The pattern is formed at the end of wave 3
Usually, in this case, from the beginning to the end of wave 4, the chart can correct from wave 3 to the end of wave 4.
In this chart, one of the important Fibonacci levels is in the range of 0.44%, which is broken down.
If the dominance of DAI returns from this range, it can be considered the end of the 4th wave in this range, and this growth can lead to further decline of the digital currency market.
But if the correction of this dominance continues, the next range that can be considered as the end of wave 4 is the range of 0.27% or 0.19%, in which case and the continued decline of this dominance, the digital currency market can grow well until then. and as soon as the domain of DAI reaches this range and the possible start of the 5th wave, from this point the currency market will start to fall again.
But if the range of 0.19% is also broken down, then my wave count is wrong and this analysis will also change.
Please share this analysis with your friends
My only goal in analyzing this stablecoin is not to set a target for the desired ranges, but to achieve results for the entire market.
As you can see in the picture, after forming a corner pattern at the ceiling and breaking it down, the DAI dominance has started a downward trend, which has caused the growth of the digital currency market.
But in several graphs where this pattern was observed in this wave, the results were almost the same.
The pattern is formed at the end of wave 3
Usually, in this case, from the beginning to the end of wave 4, the chart can correct from wave 3 to the end of wave 4.
In this chart, one of the important Fibonacci levels is in the range of 0.44%, which is broken down.
If the dominance of DAI returns from this range, it can be considered the end of the 4th wave in this range, and this growth can lead to further decline of the digital currency market.
But if the correction of this dominance continues, the next range that can be considered as the end of wave 4 is the range of 0.27% or 0.19%, in which case and the continued decline of this dominance, the digital currency market can grow well until then. and as soon as the domain of DAI reaches this range and the possible start of the 5th wave, from this point the currency market will start to fall again.
But if the range of 0.19% is also broken down, then my wave count is wrong and this analysis will also change.
Please share this analysis with your friends