🔎 #MANA Analysis

There are signs of the formation of an upward five-wave cycle according to the Elliott📈 theory. Large volumes were seen in the middle of the ABC correction zigzag from the $0.3 level. This was the buyer's first reaction to the coin's local lows. The price continued to decline within wave C and crossed the $0.3 level, which is now a global support.
At above-average volumes, the price formed the first wave of the upward cycle. It ended at $0.60 above the key $0.47 level. Corrective wave II maintained the upward structure of the cycle and ended around the $0.47 level. From this level, the price started the third ascending wave. It is formed by full-bodied large candlesticks of the buyer, which confirms the strength of the impulse. For the correct formation of wave III, it is important that the price does not go significantly below the high of wave I.
More locally, on the 4H timeframe, an inverted head and shoulders pattern has formed. The pattern is located below the local resistance of $0.72. Now the pattern is working out and the price is overcoming the resistance. Potentially, the pattern may continue the ascending wave III.
In case the price fixes below the high of wave I, the ascending structure will be broken, and the price will go to the levels below📉. There are signs of a large limit position. Large seller's candlesticks with long shadows do not particularly affect the direction of the price, it recovers every time.
The MACD indicator signals the local strength of the buyer. The bullish crossover of the moving averages confirms the development of wave III. The ADX indicator indicates a bullish trend. The positive moving average is 25 points above the trend. Negative moving averages continue to decline after overcoming the $0.72 resistance.
Both timeframes confirm the formation of an upward five-wave cycle. I expect the upward movement to continue within wave III and the cycle as a whole. Locally, I assume that the resistance may continue trading. It is important to anchor in it.
The coin is breaking the downtrend right now. An attractive bullish setup will not go unnoticed by traders. Generally, if BTC moves sideways or declines slightly, altcoins show growth. In our case, the coin is ready to grow.