We don't really know the bottom of the market, but I think that right now most of the coins are oversold. Maybe in a week or two, the price will stabilize a little bit and we come back to the initial trend.
I think the only oversold coins are the currency coins like TRON with little utility. Those coins that had ICOs with real funds, and whose teams haven't cashed out already, have millions of dollars in capital from the ICO funds that they can allocate for real world projects. I can't imagine these sorts of projects trading below ICO if they ever launch their product.