🔎 #FLR Analysis

The price of the coin met resistance at $0.055, reaching a high at $0.058. Presumably, it formed all possible five waves of the upward cycle according to the Elliott📈 theory. It started from the $0.017 level, the price began to press towards it. After that, it abruptly left the descending triangle upwards.
The first wave of the upward cycle turned out to be an impulse on a large volume. The maximum wave reached $0.0237 and went to a short-term correction of wave II. Within the wave, the price slightly went below the $0.021 level to $0.02 and maintained an upward structure. The third wave of the cycle also developed on large volumes. It met local resistance and ended at $0.032. The correction of wave IV did not disrupt the upward structure of the cycle, as it ended above the high of wave I. The ascending V wave broke the ATH ~ level at $0.045 and updated it.
From the highs, the price will presumably be corrected in a zigzag ABC📉 pattern. As the upward cycle progressed, the price moved in an expanding ascending triangle. The price has repeatedly confirmed its structure. In the current corrective movement, there is a possibility of breaking this triangle and going towards the $0.32 level.
On the local timeframe, there are more detailed signs of the completion of wave V and the development of the ABC zigzag. The price followed BTC on March 5 and marked the low of wave A. Now we are moving in wave B, we are already meeting resistance at $0.45. Most likely, a descending wave C will begin here.
There is a bullish crossover on the MACD, which confirms the development of wave B. Locally, the price is unlikely to rise above the $0.045 resistance, since the upward cycle is over. The ADX indicator has indicated a bullish signal. The bullish moving average crossed the trend and bearish moving averages from the bottom up. However, the impulse is already fading, which also confirms the corrective formation.
Both timeframes correlate with each other and confirm the end of the upward cycle. There is still a possibility of a hike above $0.045, but the global timeframe denies this scenario. Judging by the Fibonacci trend extension levels and technical indicators, the cycle has reached its maximum values.
BTC may open the week with a new high, which will prevent the alta from rising and may provoke a correction. While the first cryptocurrency is in the increased attention of traders, alts tend to continue to move sideways or decline.