- An Ondo -walvis has released 2.69 million tokens worth $ 2.13 million.
- The Altcoin was confronted with massive downward pressure and fell 10.76%in seven days.
Since since $ 0.92 a week ago, ONDO Finance [ONDO] has experienced enormous downward pressure. In the midst of this pressure, large holders start to leave the market for fear of more losses.
ONDO whale dumps 2.69 million tokens
Whales have returned to the market, as evidenced by the average order size of the spot.
It has been dominated by large orders in the past month, which implies an important whale activity, despite concerns about ONDO’s prospects.
Source: Cryptuquant
According to X (formerly Twitter) account Onchain -lensAn Ondo -Walvis, which had held 2.69 million tokens for 2.5 months, returned to the market and sold its participations for $ 2.13 million on 17 June.
With this transaction, the whale has succeeded in registering $ 123k in profit. The sale can also indicate a strategic output as prices fell to ensure that the interests become losses.
This whale movement also suggests bearish sentiment, because the holders can anticipate more losses and move forward.
Source: Intotheblock
In particular, the large holder Netflow has held in the negative territory in the last two days, which shows an increased sales pressure. Whales have sold 4.85 million tokens at this time.
Will the sales pressure cause more losses?
According to the analysis of Ambcrypto, ONDO experienced downward pressure at the time of the press when sellers took over the market.
Source: Coinglass
The Netflow was positive at the time of the press and reached a highlight of $ 762K. This is again a sign of high -sale activity, because a positive place Netflow implies more inflow than outflow.
In the midst of this market activity, the directional momentum indicators of ONDO indicated a possible continuation of the current trend.
In particular, the MACD has fallen sustainably in the past five days since making a Bearish crossover. This reflects a strong momentum to the disadvantage.
Furthermore, the Relative Strength Index (RSI), which at the time of the press, reflected nearly 37 to almost sold -over territory of around 37, also reflected the dominance of the seller.
Source: Trade reproduction
For example, ONDO is now in a position of weakness that can lead to more losses. If the current trends and sentiments persist, the Altcoin will look for support around $ 0.75, where it bounced back earlier.
However, if this support failed, ONDO will fall to $ 0.72. For a trend removal, buyers must return to the market and absorb the current sales pressure, giving ONDO $ 0.80 back and retains it.