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

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.

Moreover, the 1-day timeframe’s swing structure remained bearish. Therefore, traders can maintain their long-term bearish expectations until Ondo crypto closes a daily trading session above the $0.47 swing high.

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.

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Final Summary

• Ondo tokens worth $1.4 million were sent to Coinbase recently, and the bullish breakout from the triangle pattern has lost its momentum.
• The long-term swing structure was bearish, and the short-term price expectations involved a slide to the $0.30 area.

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