Based on various aspects of market data, the likelihood of altcoins continuing to decline is low, and a significant rebound is very likely.
1. The sharp fall of altcoins in the early morning saw a large amount of liquidation, and the leverage rate of altcoins has significantly decreased, greatly reducing the risk of long positions being liquidated;
2. The widespread drop in altcoins has generally shown increased volume at the bottom, and the funds that sold at the bottom will temporarily become buying support;
3. The mainstream coins and altcoins underwent a secondary bottom test at 10 AM, with a noticeable decrease in trading volume, while the subsequent rebound saw an increase in trading volume, indicating a weakening of selling pressure and a recovery in buying pressure;
4. The market's overheated sentiment has greatly eased, with Binance USDT lending rates already dropping to 12%, which is favorable for the rebound of altcoins.
However, whether it will break through the highs of the previous days is still uncertain, and we need to watch Bitcoin's subsequent performance.
