ONDO was under significant pressure amid a general weakening of the crypto market, falling 12.62% in 24 hours to around $0.34. Escalating tensions in the Middle East fueled risk aversion, putting pressure on risk assets across the board, and ONDO became one of the tokens experiencing a substantial decline.
Falling to near key price level
From a daily chart perspective, ONDO has broken below the 200-day moving average and is approaching the key level of $0.34. If it continues to fall below this level, the next support level to watch is around $0.29, which means the price could potentially fall by about 12% from its current level.
However, if the price can regain a foothold above $0.34, the short-term downward pressure may ease. The trend strength indicator cited in the article shows that the current direction remains strong, indicating that this round of volatility faces relatively clear one-sided pressure.
Derivatives data is bearish
Data from derivatives platform CoinGlass shows that the ONDO long/short ratio has fallen to 0.865, below 1, reflecting that there are more positions betting on a decline than on a rise in the market. At the same time, the funding rate has turned negative to -0.0117%, also indicating that perpetual contract traders are generally biased towards short positions.
- The long/short ratio dropped to 0.865.
- The weighted average funding rate for OI is -0.0117%.
- The short position with high leverage is approximately $1.84 million.
The liquidation distribution also indicates stronger short-selling pressure. Currently, the market shows a relatively concentrated high-leverage position below $0.35 and above $0.364, with long leveraged positions totaling approximately $965,000 and short leveraged positions totaling approximately $1.84 million.
Exchange reserves continue to rise
Data from on-chain analytics platform Nansen also shows that ONDO's exchange reserves increased by 1.46% in the past week. This usually means that some holders are transferring tokens from private wallets to trading platforms, which the market often sees as a signal of potential increasing selling pressure.
Despite weakening prices, bearish sentiment in derivatives markets, and increased exchange inflows, ONDO's short-term trend remains weak. Whether it can hold the $0.34 level will be a key indicator for the market to observe whether this pullback will continue to expand.
