ONDO has declined 12.48% over the past 24 hours, with market participation simultaneously cooling. Trading volume dropped to $340.5 million, a 30.71% decrease from the previous day. Amid broader crypto market weakness, capital has not significantly flowed back, continuing to pressure the token.
U.S. spot Bitcoin ETFs have experienced 13 consecutive trading days of net outflows, further pressuring risk assets. The article suggests that this environment of liquidity contraction has weakened ONDO’s ability to attract new buying demand, with limited buying interest at lower levels.
Derivatives positions continue to contract
Derivatives data also remained weak. Open interest for ONDO decreased by 17.03% to $160.33 million, indicating that some traders are closing positions rather than opening new ones.
The decline in price alongside a drop in open interest typically indicates that existing long positions are exiting during the pullback. The absence of significant new leveraged capital entering the market further suggests that short-term risk appetite remains low.
- Trading volume decreased to $340.5 million.
- Open interest decreased to $160.33 million.
- 24-hour decline: 12.48%
Sell orders in the spot market still dominate.
Order flow in the spot market has also shown no improvement. The article notes that the Spot Taker CVD indicator continues to indicate a seller dominance, suggesting that aggressive sell orders still exceed aggressive buy orders.
Although there were sporadic rebounds during the session, buying pressure failed to sustainably absorb the selling pressure, allowing sellers to regain control. This structure suggests that even if prices experience a short-term rebound, upward recovery still faces significant resistance.
$0.34 becomes a short-term focus
From a price structure perspective, ONDO has not yet reclaimed the resistance zone at $0.4514; the current price is near $0.3688. The $0.34 level continues to see buying support, but upward pressure remains unresolved.
Technical indicators are also weak. The Parabolic SAR remains above price, and the RSI has declined to 49.03, below its moving average of 53.68, indicating that buying pressure has weakened since the May rebound.
If the $0.34 support remains intact, the price may still attempt to rebound toward $0.4514; however, if this support is broken and trading volume, open interest, and spot demand have not recovered, the downside potential could expand further.