🔎 #FTM Analysis

The price has consolidated near global lows of $0.2. The first attempt to move to an upward movement occurred after the increase in volumes. From the $0.4 level in the ABC zigzag, an imbalanced volume appeared, which was a signal of activity in the coin. After that, the price once again reached the support of $0.2, where volumes also appeared.
Now the coin has formed 2 waves out of 5 possible in an upward five-wave cycle according to the Elliott📈 theory. Wave I started from the $0.2 support level, developed on increasing volumes and reached a high at $0.57. Corrective wave II maintained the upward structure of the cycle and ended at $0.3.
At the moment, the price is moving in an upward III wave. The price met resistance at $0.7. Based on the levels of the Fibonacci trend extension, the target for this wave is higher, around $10. For the cycle to form correctly, wave III should not end below the previous high of wave I.
On the local timeframe, a cup-and-handle pattern is located at the low of wave II. If the pattern has been reached, the third wave has been grown. The MACD indicator has formed a bullish crossover followed by an impulse, which indicates the strength of the buyer. The ADX indicator indicates a strong bullish trend. The positive moving average is above the trend at 36 points. This additionally confirms the strength of the ascending III wave.
Both timeframes confirm the true development of the upward five-wave cycle. To continue growing, it is necessary to see the fulfillment of the conditions for wave III. Potentially, the price may reach $1 in this wave. After that, it will be possible to determine the further direction of the price.
Since there are already visible signs of the development of a correction for BTC, which is logical when the ATH is reached. Soon, the distribution of funds from the profit to other assets may begin. The flow of funds can reach this coin as well. Structurally, it is already ready for growth. An influx of funds can accelerate the development of the cycle.