Elliott Waves Academy observes that a diagonal pattern appears to be forming, which is outlining the intricate details of wave (1)/(A). This diagonal formation is key to the analysis, as it typically signals the termination of a prior trend and precedes a reversal.
The analyst points to a confirmed break above the upper boundary of this diagonal pattern. Such a break would officially open the path for an upward recovery toward the zone between $3.3423 and $3.36538.
Examining the current price action, Crypto_Jobs described market conditions as neutral, with Polkadot fluctuating within a tight range between $2.500 and $2.700. The sideways movement reflects a lack of clear direction, as both bulls and bears struggle for dominance. Despite this period of indecision, the chart showcases an emerging pattern that could soon dictate the next significant move.
