Stablecoins are still hot. I think $XPL & $ENA, previously loved coins, are good contenders for a decent squeeze if $BTC & $ETH can find a local bottom around this area.
It takes just a few days of green candles without instant retracements and you'll see people ape back into the coins they loved previously. Especially now they are at -50% to -80% "discounts" compared to just a month ago.
The way some alts are trading points to some selling exhaustion as they are holding up okay relative to BTC on these intra-day sell offs. ETH/BTC also grinding higher the past week.
Still think it's important to keep watching the higher timeframe view and don't get too excited at resistance or too bearish at supports. Market has endured a lot of pain recently and is still extremely choppy.
But I do think we will see some kind multi-week relief on some of these coins at some point. Even if, in the worst case, it's just another lower high in a larger bear trend.
Whether you want to participate in those kind of moves is of course personal preference. At this point in the cycle I'd always be ready for either scenario.
For now, bulls would want to try and get a few green candles in a row to get the market out of this current area. That would build some confidence that a larger relief bounce could be due. Because right now, it's up one day, down the other. Technically charts are building a decent base around this area, but it's a pain for most traders trying to trade this actively.
I'm paying attention at these areas on a variety of coins.

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