As evidenced by the 1-hour chart, the cryptocurrency has been on a definite downwards trajectory over the past five days, consistently recording lower highs and lower lows.

Coinglass data further indicates a surge in liquidated positions across the leverage market. Roughly $700 million have been cleared off, marking a 35% increase from the previous day. Notably, the majority of these were long positions, which made up around $600 million of the total.

The heatmap attached below presents a gloomy outlook. With LEO being the only exception, every other altcoin in the top 50 (by market capitalization) has suffered substantial losses in the past 24 hours.

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