🔎 #LDO Analysis

The coin corrected in a zigzag ABC pattern and reached lows of $0.875. The oversale of the coin attracted traders, which can be seen in the large volume from the lows. On momentum, the coin broke through the $1.5 level and is now a global support. This impulse was the beginning of the formation of an upward five-wave cycle according to the Elliott📈 theory. The first wave of momentum ended at $3. The second corrective wave ended near the global support of $1.5. The structure of the cycle has not been disrupted, and now the formation of the third wave of the cycle is presumably continuing.
Locally, the price is trying to overcome the $3.5 resistance to continue the upward movement of wave III. Under this level, there is a cup with a handle pattern. If it completes, the price will continue forming wave III. The potential target for the figure is $4.3. For the correct formation of wave III, it is important that the price does not go significantly below $3. If this happens, the structure of the cycle will break and turn into a zigzag in a flat📉.
The MACD indicator indicates the local strength of the bulls. There is a bullish crossover and the histogram is already drawing green scales. The DMI indicator indicates the formation of a bullish trend. The trend moving average has almost reached the level of 20 points. A positive moving average is above the trend one, and a negative one, in turn, is below the trend one.
Both timeframes confirm the development of a five-wave Elliott cycle. It is necessary to see the price consolidation above the local resistance of $3.5 and continue the upward movement for the correct formation of the cycle.
According to the BTC, a correction may occur soon. The profit received will be distributed among the alts. The distribution of capital will contribute to growth, as now altcoins are "frozen" in anticipation of traders' attention. Coin #LDO already looks quite strong, a continuation of growth on the inflow of capital would be logical.