Feels like this is still flying under the radar, almost like our little secret for now.
But the structure is starting to look very familiar.
Some of you might know me from previous TA posts here, and honestly I wasn’t really paying much attention to this chart anymore.
But something about the recent price action pulled me back in.
I think we accidentally built a Wyckoff accumulation.
If you only look at price, it just looks like a slow bleed. Lower highs, fading interest, nothing impressive.
But the more I look at it, the less it actually looks weak.
Because while price has been down, activity hasn’t.
Volume didn’t disappear during the downtrend. It expanded. That means supply wasn’t just leaving, it was being transferred.
Someone was selling, but someone else was consistently absorbing it.
That’s not a collapse. That’s redistribution.
Now combine that with distribution:
Top 10 around 10%
Top 100 around 38%
HHI at 23.85
There’s no dominant player here. Supply is spread.
So if accumulation is happening, it’s not one operator. It’s a lot of smaller holders collectively absorbing supply over time.
And that’s where it starts to get interesting.
Because that kind of structure doesn’t usually form unless the sell pressure is actually getting taken out of the market.
Which brings us to the recent move.
We just saw a ~20% push on relatively low volume. Normally that wouldn’t mean much.
But after weeks of heavy volume on the way down, it suggests something different.
There simply isn’t much sell pressure left at these levels.
Price is starting to move easier.
Not because buyers suddenly got stronger, but because there’s less left to push against.
And that’s usually the moment where things start to flip.
If you map it loosely:
Phase A was the breakdown
Phase B was absorption
Phase C was boredom and shakeouts
We might be entering early Phase D.
That still needs confirmation, but it’s the first time the structure actually supports that idea.
The bigger question is why this is happening at all in this market.
Conditions aren’t great. Most projects lose volume and die off here.
But here, volume stayed.
Which means people didn’t just leave.
They repositioned.
And the reason is probably simple.
Kendu isn’t just trading activity. People are building around it, trying to attach real things to the name.
That doesn’t show up in price immediately, but it changes behavior.
People hold differently. They accumulate differently. They don’t disappear when the chart looks bad.
And over time, that quietly removes sell pressure from the market.
Which is exactly what this is starting to look like.
It doesn’t look impressive right now.
But that might be the point.
Because if this is actually absorption finishing, then this wasn’t just a bounce.
It was the transition.
If this gets fully retraced, then nothing has changed.
But if price starts holding and forming higher lows, then we’re looking at the moment where the “sale” phase ended and something else started.
Curious what you guys think is behind this. Is this just market mechanics, or is the community actually driving this structure?
submitted by /u/kingkongbananakong to r/KenduInu_Ecosystem
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