Trader Eugene: Altcoin investors are eager to sell spot, the market may enter a longer consolidation phase

Odaily reported that renowned trader Eugene Ng Ah Sio shared his views on the Altcoin market, stating: "Altcoins (Alts) have rapidly fallen back to these levels in less than 48 hours after forming wick lows, indicating that investors are extremely anxious about holding spot assets and are eager to sell. The market may enter a longer adjustment phase, or it may experience a rapid decline in the short term." Note: Wick Lows are the thin lines extending downward from the body of a candlestick on a K-line chart. In a green candle, it is the difference between the opening price and the lowest price of the day; in a red candle, it is the difference between the closing price and the lowest price of the day. Generally speaking, the formation of Wick Lows is due to the greater strength of the bulls over the bears.