DeFi veteran Sandeep Nelwal points to reasons he “feels” the bottom is near
- Polygon’s Sandeep Nelwal: We saw panic and dedication
- technical analysis indicators agree
Sandeep Nelwal, one of Ethereum’s Web3 key figures and co-founder and COO of Polygon Networks (formerly Matic Networks, Matic), believes the market may be approaching its much-anticipated “bottom”.
Polygon’s Sandeep Nelwal: We saw panic and dedication
Mr. Nelwal took to Twitter to share his thoughts on what phase of the market cycle the Web3 sector is currently going through. He says the panic and capitulation stages may already be in the rearview mirror.
From all the discussions I’ve been hearing, it seems that we’ve just seen nervousness and dedication.
People are questioning the entire promise of Web3 being flawed.
It all “feels” to me that the bottom (at least the local) is near.
PS: not financial advice pic.twitter.com/iNvDlITAQd— Sandeep | Polygon 3️⃣ (@sandeepnailwal) 15 June 2022
He added well-known psychology of market cycles The plan is to demonstrate that “anger” may be the next step, and last before the actual “down.”
Mr. Nelwal also highlighted that many people he spoke to question the whole “promise” of Web3 as the crypto market capitalization below $1 trillion.
As such, he hypothesizes that the bottom – at least, local – may be somewhere near.
technical analysis indicators agree
Some technical analysis indicators are speaking in favor of Mr. Nelwal. For example, as covered by U.Today yesterday, June 14th, 2022, Bitcoin reached the end point of the Elliott Wave ABC cycle.
Since the 1970s, this indicator has been used to signal the bottom of the market cycle for stocks and indices.
At the same time, the number of searches for the “bear market” combination is declining. In 2018 and 2020, that observation meant that the bear market was entering its final phase.