The altcoins in the recent past have manifested extreme bearish conditions due to the volatility within the crypto space. If the star crypto Bitcoin falls by 1%, the altcoins tend to drop by 10%. And hence now when Bitcoin is below its ATH by more than 60%, major altcoins are nearly 92% to 94% distinct from their highs. Therefore this may be a pretty good buying opportunity yet no possibility of an AltSeason is being displayed.
Во моментов, Bitcoin and the majority of the Altcoins appear to be pretty volatile and hence pulled a massive leg towards the south. The altcoins index which ignited its descending trend just before the LUNA-UST crisis was testing the lower support for a couple of days, However, the current drop dragged the price below the support zone. And hence currently as per an analyst, most of the altcoins may drain by another 20% to 25%.
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Source: https://coinpedia.org/altcoin/this-may-be-the-best-time-to-accumulate-altcoins-but-altseason-may-be-deferred/