Bitcoin has been fluctuating for half a year. Although there is strong support when it falls, breaking upwards is quite difficult, but fortunately, it remains within a range. Looking at some altcoins like ENA and ETHFI, these new coins with fundamental backing continuously break through their lows. Many old coins that have experienced multiple bull markets have also returned to their prices at the beginning of this bull market, and even Ethereum's price has dropped back to the level at the beginning of the year.
This raises concerns: do altcoins still have a chance?
Personally, I believe altcoins still have a chance, but we shouldn't judge them from a technical analysis perspective. Using technical analysis now cannot accurately predict their upward trends; we need to think more from the perspective of trends and human nature.
From the last bear market until now, the frenzy around altcoins has not yet appeared.
Those with large funds always hope to profit. Take the recently discussed meme coins as an example. Although these coins may spike for a few minutes and then drop to zero, at least they create some volatility in the short term to attract buyers at high prices.
However, overall, these altcoins have not broken through any significant highs.
When looking at each coin individually, there are indeed some that may rise again, especially those that specifically follow trends. Once the trend disappears, the project team may quickly take profits and exit, leading to decreased liquidity, making it less likely for these coins to rise again.
However, for this reason, some coins may experience a 'dead cat bounce' when they drop to their limit, but this is only a minority of cases. It can be treated as a playful venture with low-cap coins, with a slightly higher chance of success than currently playing with low-cap coins.
