🔎 #BEAM Analysis

The price of the coin reached the level of $0.01 after a short trade. This level served as the starting point for an upward five-wave cycle according to the Elliott📈 theory. The first wave of the cycle was formed on increasing volumes and reached a maximum at $0.027416. After that, the price went to the second corrective wave. Almost in the middle of the wave, an imbalanced volume appeared, after a long squeeze. The price returned to its previous values and continued to draw the second wave. At the very end of which a cup with a handle pattern was formed. The pattern was formed as an impetus for wave III. The maximum value of the wave was $0.037933.
Another upward impulse in this wave is still likely. Since now the price is forming a pennant after an upward movement. It is important to monitor the price behavior when exiting the formation, as the true exit will determine the further price movement. A necessary condition for maintaining the upward structure of the cycle is the completion of wave IV, not lower than the maximum of wave I. Otherwise, the coin may go to the levels below, which will disrupt the📉 structure.
On the local timeframe, the price moves in an ascending price channel, repeatedly confirming its boundaries. Wave IV trading is based on increased volumes, which is a positive sign for the further development of the upward cycle.
According to the MACD indicator, there is a bearish divergence of extremes with rising price highs. A possible correction fits into the framework of the development of wave IV. It is important to fulfill the condition and gain a foothold without disrupting the upward structure of the cycle. The ADX indicator shows signs of a bullish trend as the positive moving average is above the negative one. The bearish moving average tends to go under the trend. In general, the indicator's moving averages are characteristically clamped, which may be a harbinger of future volatile movement.
Both timeframes correlate with each other. It is necessary to wait for a more accurate formation of wave IV. After that, it will be possible to determine the further direction of the price movement.
Now almost all attention is focused on BTC, which is already trying to rewrite ATH. Altcoin market cap is back to $1 trillion. A number of coins are already showing impressive growth, but the capital has not yet reached relatively new projects. Do not rule out a possible correction of BTC, which may drag altcoins with it.