Ondo Finance Token’s breakout is hampered by low volumes

Ondo Finance [ONDO] It was an outlier in the altcoin industry. It’s made an impressive rise. 6.33% Bitcoins move in a matter of hours. [BTC] 1.90%. Despite the leading crypto’s best efforts, it was unable to clear this obstacle. $65,000 resistance zone.

CryptoQuant’s data shows that the seller-dominated spot taker CVD – which is a measure of the difference between the market’s buy and sell volume over a period 90 days – remains dominant.

Move of 8.1 Million ONDO, worth 1.66 Million DollarsCoinbase has also raised concerns about selling pressure. On the contrary, the interest in derivatives for altcoins was high.

Coinalyze showed data that a 16% In 24 hours, Open Interest increased. This increased interest could boost the short-term growth of altcoins.

Are Ondo bulls trapped?

In May the pattern of descending triangular patterns has stood out. [orange] Ondo’s token has been able to achieve a bullish breakout in the past few months. MACD is above zero, which indicates a steady uptrend.

The OBV is still relatively flat. Yet, it has not cleared late-June’s highs and trading volume is not as intense as in May.

The bearish ONDO structure can explain this. Extending outwards from Between $0.47 and $0.20The Fibonacci level of retracement showed that this was the case. 78.6% The level of the at $0.413.

Although the price was higher, the overall structure of the coin remained the same. A breakout attempt in May failed.

Call to Action for Traders: Sell

The defense of the $0.31 Support in June ended up being impressive. Repeated moves toward the $0.47 Supply zone revealed that buyers are making significant strides.

Ondo Finance remains the leading platform for RWA tokenization. The launch of Ondo Network Long-term investors should be encouraged by the news.

But it was also accompanied with a lack firm of buying. The spot taker CVD remained negative on CryptoQuant. OBV has been relatively flat over the last few weeks. Trading volume also failed to reach May’s level.

If the contrary is proven, then it will be deemed that you are not guilty. $0.413-$0.470 This area was a good place to sell. If the breakout was beyond the second level, the structure would be flipped. A subsequent pullback might then present a better buying opportunity.

Final summary

• Ondo Finance has made impressive gains in the short term against Bitcoin and all other market players.
• Ondo Network’s launch and rally to $0.470 was accompanied by low demand and trading volume, which justified a cautious approach from prospective buyers.