The price has been in a distribution phase since its launch during the bull market.
A textbook U-shaped pattern, with the price currently testing and remaining above resistance levels from two years ago.
The trend has transitioned into an accumulation phase for some time now.
A 5-wave impulse seems to be over, and we´re currently in a correction.
0.0485 is solid support, but it is still too early to have a clear identity on the correction.
For now, I´ll be watching for a pullback to 50% (at 0.0444) and a swift rejection to the upside above resistance.
While the west is confused the East is on the move.
Keeping an eye on those blockchains that have beaten out Eth and BNB as the defacto Layer1 platforms. Positioning now for the hype.
Japan - Astar ASTR = Huge partnerships (Sony, Toyota, and many more) and strong gov support (Web3 gov initiative)
S Korea - Klaytn KLAY = Founded by the largest consumer tech...
The 0.053-0.055 region (gray zone), has been a reliable support/resistance zone for the last 12 months.
It was broken to the downside 2 weeks ago, and the first retest seems to have failed.
I expect new lower lows soon, and see no reason to enter long trades yet.
Astar, Where to begin.
Astar is Japan's #1 Crypto from my research, they have strategic partnerships with Japan itself, Toyota, Sony, and Microsoft. Astar is a Parachain on Polkadot and it supports Native Dot, EVM, and WASM. In conjunction with this, the NFL has launched a game that is running though Astar/Polkadot. Look, aside from all that, The chart clearly...
