$ATOM was a day of steady decline, not a flash crash. Gate perpetuals are now at 1.821, down 8.45% over 24 hours, with a high of 1.996 and a low of 1.815. The range is about 10%, and the price is hovering near the daily low.
Looking at the price action: it fell steadily from 2.02 at midnight last night, then moved sideways around 1.90 for several hours during the day. At 15:00, volume surged (about 300,000 U) as it broke below 1.88. After that, every rebound failed to reach 1.89. It stepped down again at 19:00 and 23:00, reaching 1.815 by midnight. Each high has been lower than the last, and buyers have consistently failed to step in.
As for the reasons, the broader market is weak, with BTC down 1.17% near 82,800. An older coin like ATOM, without a strong independent catalyst, has higher beta, so a larger decline is normal. The funding rate is -0.022% (8h), which is bearish and suggests shorts are getting somewhat crowded, so a short-term bounce cannot be ruled out.
Conclusion: The trend is still bearish, but I wouldn’t recommend chasing shorts at the daily low of 1.82. Wait for a rebound to around 1.85–1.86 before shorting, with a stop-loss at 1.89. First watch the 1.80 round-number level below. Only consider chasing if it decisively breaks below 1.80, and don’t get greedy if the funding rate keeps falling.
Looking at the price action: it fell steadily from 2.02 at midnight last night, then moved sideways around 1.90 for several hours during the day. At 15:00, volume surged (about 300,000 U) as it broke below 1.88. After that, every rebound failed to reach 1.89. It stepped down again at 19:00 and 23:00, reaching 1.815 by midnight. Each high has been lower than the last, and buyers have consistently failed to step in.
As for the reasons, the broader market is weak, with BTC down 1.17% near 82,800. An older coin like ATOM, without a strong independent catalyst, has higher beta, so a larger decline is normal. The funding rate is -0.022% (8h), which is bearish and suggests shorts are getting somewhat crowded, so a short-term bounce cannot be ruled out.
Conclusion: The trend is still bearish, but I wouldn’t recommend chasing shorts at the daily low of 1.82. Wait for a rebound to around 1.85–1.86 before shorting, with a stop-loss at 1.89. First watch the 1.80 round-number level below. Only consider chasing if it decisively breaks below 1.80, and don’t get greedy if the funding rate keeps falling.