$US 24h, down 32.42%, now at 0.02232. BTC is up 0.37% and ETH is up 0.52% over the same period. The broader market has barely moved, so US’s decline is due to its own holders selling. On Gate perpetuals, the daily high was 0.03323 and the daily low was 0.01884, for a range of about 76%. 24-hour volume was about 33.57 million U.
Price action: Yesterday, at 10:00, about 2.66 million U in volume sent the price tumbling from 0.03368 to 0.0280. At 11:00, another 3.52 million U in volume pushed it down to 0.02593. It then oscillated between 0.0236 and 0.0292, with hourly volume mostly between 1 million and 2.5 million U. At 19:00, about 3.03 million U in volume drove a rebound to 0.02781, but it was sold back down. From 21:00, the price broke below 0.0217, then hit the daily low of 0.01884 at 00:00 today on about 1.76 million U in volume. From 01:00 to 07:00, volume dwindled to 130,000–500,000 U per hour, and the price ground sideways in a narrow 0.0190–0.0199 range. Volume returned from 08:00. At 09:00, about 1.44 million U in volume, followed by about 1.27 million U at 10:00, lifted the price from 0.0195 to 0.02241. It has since eased back to 0.0223, about 18% above the daily low.
Market impact: Since yesterday, BTC has traded only between 82,517 and 83,125, while ETH has stayed between 2,487 and 2,518. The broader market has neither withdrawn funds nor brought in new capital, so US’s decline is not being driven by weaker risk appetite; it is selling pressure specific to this coin. The funding rate is +0.005% (settled every 4 hours), and neither longs nor shorts are crowded. Both the mark price and index price are at 0.0223, with no significant basis. This morning’s rebound came on only about half the volume seen during yesterday’s sell-off, indicating limited buying support.
Conclusion: Don’t try to catch the bottom. If a rebound to 0.0235–0.0243 (the range it was in before breaking down at 21:00 last night) meets resistance, consider a small short position, with a stop-loss at 0.0255. If it retests 0.0205 and holds, a short-term rebound may be possible. If 0.0195 breaks, the next level to watch is the daily low of 0.01884; below that, there is no support. Only a high-volume move back above 0.0255 would signal that this round of declines is over. Until then, any rebound is weak.
Price action: Yesterday, at 10:00, about 2.66 million U in volume sent the price tumbling from 0.03368 to 0.0280. At 11:00, another 3.52 million U in volume pushed it down to 0.02593. It then oscillated between 0.0236 and 0.0292, with hourly volume mostly between 1 million and 2.5 million U. At 19:00, about 3.03 million U in volume drove a rebound to 0.02781, but it was sold back down. From 21:00, the price broke below 0.0217, then hit the daily low of 0.01884 at 00:00 today on about 1.76 million U in volume. From 01:00 to 07:00, volume dwindled to 130,000–500,000 U per hour, and the price ground sideways in a narrow 0.0190–0.0199 range. Volume returned from 08:00. At 09:00, about 1.44 million U in volume, followed by about 1.27 million U at 10:00, lifted the price from 0.0195 to 0.02241. It has since eased back to 0.0223, about 18% above the daily low.
Market impact: Since yesterday, BTC has traded only between 82,517 and 83,125, while ETH has stayed between 2,487 and 2,518. The broader market has neither withdrawn funds nor brought in new capital, so US’s decline is not being driven by weaker risk appetite; it is selling pressure specific to this coin. The funding rate is +0.005% (settled every 4 hours), and neither longs nor shorts are crowded. Both the mark price and index price are at 0.0223, with no significant basis. This morning’s rebound came on only about half the volume seen during yesterday’s sell-off, indicating limited buying support.
Conclusion: Don’t try to catch the bottom. If a rebound to 0.0235–0.0243 (the range it was in before breaking down at 21:00 last night) meets resistance, consider a small short position, with a stop-loss at 0.0255. If it retests 0.0205 and holds, a short-term rebound may be possible. If 0.0195 breaks, the next level to watch is the daily low of 0.01884; below that, there is no support. Only a high-volume move back above 0.0255 would signal that this round of declines is over. Until then, any rebound is weak.