🔎 #NEAR Analytics

The coin corrected in a zigzag ABC and marked the $1 support level. An upward five-wave cycle according to the Elliott📈 theory is now presumably forming. The coin has overcome key levels on rising volumes and is now beginning to form the third wave of the cycle.
At the moment, two waves of the cycle out of five possible have presumably formed. Wave I overcame the $3.5 level and pulled back. Now this level acts as a local support. The second corrective wave is presumably over, and now the price is forming the third wave. The approximate target for this wave is $5.8 Fibonacci retracement. As part of the wave, the price needs to overcome the resistance at $5.
In case the price goes significantly below $2.3, the upward structure will break down and the price will continue to consolidate near the lows📉. On the local timeframe of 1D, there are also signs of the formation of wave III. A cup with a handle pattern has been formed. The potential of the pattern correlates with the target of the wave.
There is a bullish crossover on the MACD indicator. The MACD line has crossed the signal line from the bottom up, which is a sign of the buyer's strength. The DMI indicator contains signs of a bullish trend. The positive moving average is above the trend moving average, while the negative moving average is decreasing.
Both timeframes confirm the true development of the upward cycle. If the upward structure persists and the conditions for the formation of wave III are met, the price will continue its upward movement within the framework of the cycle. If the price fixes below the $2.3 level, the structure of the five-wave cycle will be broken, and the price will go to the levels below.