Polkadot Potential Wycoff Accumulation
Wycoff Accumulation is something I spent the last few days reading about since I keep seeing everyone talk about it. While I don't necessarily believe this trend will last this long - the market has been very stale and there is still a lot of fear.
This model does follow the narrative of corporate accumulation as well. Tesla is very innovative and I'm assuming they have a board that is the same, these other dinosaur companies don't. It takes months or years to get moves improved, but I'm expecting other companies will follow. The spike in price in July also follows Polkadot's parachain auction.
While I want this to be a quick correction - the price collapsed so quick that most big/new investors probably want to wait for a confirmed bottom especially with the history of crypto. You don't get rich from FOMO - they aren't rushing in.
I tried to match the model as best as I could, but realistically the model doesn't need to be exact to be right, and yes this is the Polkadot futures chart which isn't the best indicator of the market by any means. March to mid-May the charts bouncing in a price discovery zone after running up for 3 months, it's not unreasonable to assume support will be tested the next 4 months.
This could be completely wrong as well, there are other things going on in the chart as well, just wanted to give a conservative possibility.
This model does follow the narrative of corporate accumulation as well. Tesla is very innovative and I'm assuming they have a board that is the same, these other dinosaur companies don't. It takes months or years to get moves improved, but I'm expecting other companies will follow. The spike in price in July also follows Polkadot's parachain auction.
While I want this to be a quick correction - the price collapsed so quick that most big/new investors probably want to wait for a confirmed bottom especially with the history of crypto. You don't get rich from FOMO - they aren't rushing in.
I tried to match the model as best as I could, but realistically the model doesn't need to be exact to be right, and yes this is the Polkadot futures chart which isn't the best indicator of the market by any means. March to mid-May the charts bouncing in a price discovery zone after running up for 3 months, it's not unreasonable to assume support will be tested the next 4 months.
This could be completely wrong as well, there are other things going on in the chart as well, just wanted to give a conservative possibility.