$ONDO 24h is up 3.38%, currently at 0.4957. BTC is only up 0.24%, so it looks strong, but the move was really held up by those two hours in the afternoon. Gate perpetuals hit a daily high of 0.5061 and a low of 0.4691, with about 11.62 million U in 24-hour volume and a funding rate of +0.0047%.
Price action: After dipping to the daily low of 0.4691 at 03:00 on 10-10, it gradually climbed. From the early morning through midday, hourly volume was mostly between 150,000 and 850,000 U. At 13:00, volume reached about 1.27 million U as price surged to 0.5004; at 14:00, volume peaked at about 1.52 million U, pushing price to the daily high of 0.5061 before it was immediately knocked back to 0.4985. After 15:00, hourly volume fell to just 180,000–540,000 U, and price has been grinding back and forth between 0.4915 and 0.5043. It’s now at 0.4957.
Why: Almost all the gains came from those two high-volume candles at 13:00 and 14:00. There was no follow-through after the high, and volume kept shrinking. The funding rate is only slightly positive, so longs aren’t crowded, but nobody seems willing to chase either. That’s why it can neither rally nor break down decisively.
Bottom line: Don’t chase it. There are no buyers above 0.5061, so chasing in would just be handing your money away. A light long position could be considered on a pullback to 0.4930–0.4950, with a stop at 0.4880 and an initial target of 0.5000. If it holds above 0.5061 on strong volume, I’ll admit I was wrong. A break below 0.4880 would mean that rally was for nothing; I’d switch short and look for 0.4691.
Price action: After dipping to the daily low of 0.4691 at 03:00 on 10-10, it gradually climbed. From the early morning through midday, hourly volume was mostly between 150,000 and 850,000 U. At 13:00, volume reached about 1.27 million U as price surged to 0.5004; at 14:00, volume peaked at about 1.52 million U, pushing price to the daily high of 0.5061 before it was immediately knocked back to 0.4985. After 15:00, hourly volume fell to just 180,000–540,000 U, and price has been grinding back and forth between 0.4915 and 0.5043. It’s now at 0.4957.
Why: Almost all the gains came from those two high-volume candles at 13:00 and 14:00. There was no follow-through after the high, and volume kept shrinking. The funding rate is only slightly positive, so longs aren’t crowded, but nobody seems willing to chase either. That’s why it can neither rally nor break down decisively.
Bottom line: Don’t chase it. There are no buyers above 0.5061, so chasing in would just be handing your money away. A light long position could be considered on a pullback to 0.4930–0.4950, with a stop at 0.4880 and an initial target of 0.5000. If it holds above 0.5061 on strong volume, I’ll admit I was wrong. A break below 0.4880 would mean that rally was for nothing; I’d switch short and look for 0.4691.