Ondo Finance Wallet's Ongoing ONDO Token Sell-Off Raises Market Questions
- Sustained Selling Phenomenon: Over the past month, a wallet identified as 0x711 has sold more than 8.5 million ONDO tokens across major exchanges like Bybit, OKX, and Coinbase, indicating a persistent selling strategy that could impact market dynamics.
- Retail Investor Response: Despite significant sell-offs, retail investors have remained active in purchasing tokens during price dips, demonstrating their interest in tokenization initiatives and supporting a balanced market environment.
- Market Structure Stability: The current market structure suggests that major sales are being absorbed by willing buyers, preventing rapid price declines and reflecting market resilience amidst ongoing selling pressure.
- Importance of On-Chain Monitoring: Market participants continue to focus on tracking the transparent on-chain flow of tokens to better predict potential future trends in ONDO's market performance, highlighting the critical role of retail enthusiasm and known wallet activities.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for ONDO
Technical Sentiment Analysis for Ondo (ONDO). As of , Ondo (ONDO) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ONDO stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ONDO is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ondo (ONDO) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.218 | 0.233 | 0.245 | 0.26 | 0.272 | 0.286 | 0.299 |
| Fibonacci | 0.233 | 0.243 | 0.249 | 0.26 | 0.27 | 0.276 | 0.286 |
About ONDO
About the author
