Ondo crypto slides 24% as weak demand puts $0.30 support at risk

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.

In other news, Ondo Finance announced in a blog post that they submitted a no-action request to the SEC. In a limited set of circumstances, the relevant securities entitlements would also be represented in tokenized form on the Ethereum Mainnet, and held by onchain custodian BitGo to facilitate recordkeeping.

The SEC has not publicly responded to the request.

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.