$ONG Shorting looks very attractive now! The price is at $0.088, about 98% below its peak of $4.39, with no new supporting news. Spot trading volume is weak at just $0.8 million, down 36% over 24 hours.
Futures dominate the market, with volume more than 100 times spot volume, and open interest equivalent to 43% of the market cap, so any break below support could accelerate liquidations.
Around 318 million of the total 800 million coins are still not in circulation, creating future selling pressure on the price.
Any bounce toward $0.0894–$0.0919 is a selling opportunity, while a break below $0.0825 opens the way for further declines.
#Ong #BinanceSquare
Futures dominate the market, with volume more than 100 times spot volume, and open interest equivalent to 43% of the market cap, so any break below support could accelerate liquidations.
Around 318 million of the total 800 million coins are still not in circulation, creating future selling pressure on the price.
Any bounce toward $0.0894–$0.0919 is a selling opportunity, while a break below $0.0825 opens the way for further declines.
#Ong #BinanceSquare