ACT
Yesterday I tried to go long on ACT around 0.55, hoping for a rebound. However, after a whole day, what I encountered was a 'bloodsucking market' where Bitcoin rose while altcoins fell. Seeing the situation worsen, I cut my losses and exited when I was down 2%, and in hindsight, I'm glad I acted decisively at that moment. If I had held on until now, the situation would likely be worse.
When encountering such 'bloodsucking markets', if you want to go long on altcoins, it is essential to set strict stop-loss levels. Currently, most funds are flowing into Bitcoin, Ethereum is being neglected, let alone ACT. The altcoin market is continuously losing funds, making it difficult to find a rebound opportunity.
As for ACT, after breaking below the 4-hour support level, it continued to decline. Currently, there are still two support ranges below it, namely 0.45 - 0.40. It is worth noting that most of the selling pressure currently comes from panic selling by retail investors. Those who are trapped at high levels are still struggling to hold on and are unwilling to cut their losses, so they are forced to convert short-term investments into long-term holdings.
Given this market condition, rather than hastily bottom-fishing altcoins, it might be wiser to wait and observe, and make decisions after the market sentiment stabilizes.
