🔎 #RNDR Analytics

An upward five-wave cycle according to the Elliott📈 theory has formed. To date, all five waves of the cycle have been implemented. The trend extension of the Fibonacci levels and the volume profile confirm this. Wave I formed after an upward impulse from the $0.5 level. After a short correction, the buyer's volumes appeared and the price rose to $2.8. The second corrective wave ended at $1.2. Thus, the ascending structure has been preserved.
As part of wave III, the price broke the key level of $2.8, which marked the beginning of a bullish rally. The price strengthened to the $5.3 level, which was the last stop before the ATH, and completed the wave. The pullback of wave IV also maintained its ascending structure and ended above the high of wave I. The last upward V wave rewrote the ATH of $6.68. At the moment, it is believed to have reached its maximum at $8.31.
Locally, the price has rolled back below the $8 resistance level and is now trading below it in an ascending channel. The price reacted to the resistance twice, drawing two rising highs. In turn, the MACD indicator formed two descending tops, which eventually formed a bearish divergence, which has not yet been removed. The seller's volumes are also traced every time the price tried to overcome the $8 level. The ADX indicator indicates a weakening bullish trend. Positive and negative moving averages are compressed, and trend moving averages are steadily decreasing from peak values.
Both timeframes confirm the full formation of a five-wave upward cycle. The coin has indicated a new ATH and it is logical that players will begin to unload positions. At the same time, there is still a possibility of another impulse, most likely in the form of a fake break of the $8 resistance. Market volatility now allows for such a possibility. But the development of a correction is more likely, since the coin has shown strong growth and it needs to get rid of excessive leverage. And players are interested in taking profits.