Chainlink Peak Mimics Wyckoff Distribution Schematic, Altcoin Selloff Could Accelerate

After setting a third and final top, the crypto asset has been on a steady descent, and according to a comparison with the Chainlink price chart and a Wyckoff distribution schematic, the selling may only just be starting. According to Wyckoff theory, created by iconic analyst Richard Wyckoff, financial assets go through four distinct price action phases: accumulation, mark up, distribution, and mark down.

The accumulation phase would have occurred while Chainlink was at low prices near its bottom at the start of the year, and the mark up phase would have followed, taking the price of the asset to its all-time high. And with investors with so much room overhead for the asset to drop and still sell at a profit, the distribution could go on for a long time, until the asset’s price becomes attractive enough for altcoin investors to begin to re-accumulate once again.

Timeline of Chainlink