$ONDO 📉 crypto slides 24% as weak demand puts $0.30 support at risk
The high cumulative long leverage below the current market prices means one thing for ONDO in the near-term.
Ondo Finance [ONDO] token prices were down 5.44% over the past week. It was reported that a team-linked wallet sent 4.019 million tokens worth around $1.4 million to the centralized exchange Coinbase.
While the transfer does not confirm a sale, it does signal increased ONDO supply in the near-term, especially given the momentum of the past week.
Ondo crypto token prices were back at a key support zone after breaking out of a bullish triangle pattern and climbing to the $0.42 supply zone.
🔸Assessing the ONDO downturn from the triangle pattern breakout
In a report towards the end of July, AMBCrypto warned of a potential bearish turn in the Ondo crypto token price action. The cited reason was a lack of steady buying pressure.
Since then, ONDO has slid by close to 24% in value, from $0.427 to $0.325 at the time of writing.
Since May, the trading volume has declined. The breakout from the triangle pattern was not accompanied by a surge in buying volume, resulting in the price drawdown.
🔸Short-term Ondo crypto price expectations
The cumulative long leverage below $0.322, down to $0.302, significantly outweighed the cumulative short leverage overhead. There was a cluster of high-leverage short liquidations around $0.342.
However, because of the higher long leverage, it appeared likely that ONDO would fall toward $0.30 before seeing any bounce.
This is what short-term traders can expect over the next few days. A price bounce thereafter would depend on incoming capital flows and an uptick in buying pressure.
#ondo
The high cumulative long leverage below the current market prices means one thing for ONDO in the near-term.
Ondo Finance [ONDO] token prices were down 5.44% over the past week. It was reported that a team-linked wallet sent 4.019 million tokens worth around $1.4 million to the centralized exchange Coinbase.
While the transfer does not confirm a sale, it does signal increased ONDO supply in the near-term, especially given the momentum of the past week.
Ondo crypto token prices were back at a key support zone after breaking out of a bullish triangle pattern and climbing to the $0.42 supply zone.
🔸Assessing the ONDO downturn from the triangle pattern breakout
In a report towards the end of July, AMBCrypto warned of a potential bearish turn in the Ondo crypto token price action. The cited reason was a lack of steady buying pressure.
Since then, ONDO has slid by close to 24% in value, from $0.427 to $0.325 at the time of writing.
Since May, the trading volume has declined. The breakout from the triangle pattern was not accompanied by a surge in buying volume, resulting in the price drawdown.
🔸Short-term Ondo crypto price expectations
The cumulative long leverage below $0.322, down to $0.302, significantly outweighed the cumulative short leverage overhead. There was a cluster of high-leverage short liquidations around $0.342.
However, because of the higher long leverage, it appeared likely that ONDO would fall toward $0.30 before seeing any bounce.
This is what short-term traders can expect over the next few days. A price bounce thereafter would depend on incoming capital flows and an uptick in buying pressure.
#ondo