$WAXP , @WAX Official , @DAO Labs , and #SocialMining contributors are actively observing recent price movements as the asset enters a potential accumulation phase. This duration occurs after an unsuccessful breakout on the resistance point where there is a controlled pullback to support areas which are known.
Market participants within #DAOLabs ’ #SocialMining #WAXHub have identified that the current price activity suggests consolidation, potentially setting the stage for an upward trajectory if broader market sentiment remains stable. The levels of resistance have been effective in the short run, though marginally less severe decline is found, which indicates that sellers are perhaps becoming weaker.
In case, the situation on the market will also be favorable, it might lead to the recovery higher than the orange marked resistance zone and to the new uptrend. The behavior of the price within this range has served in the past to serve as a bull catalyst and a continued demand could again lead to a break on the asset hitting new higher levels.
On the other hand, in the event downward pressure is picked up again, then price may visit the lower green zones again. In those cases, average cost reduction and additional allocation over time persists to be a strategic strategy of long-term Social Miners.
Instead of searching momentum, participants focus on the conservation, data relevant pile-up patterns and community-derived knowledge as the cornerstones of participation in the WAX Social Mining Hub.
