The ONDO price came under renewed selling pressure on Tuesday after millions of tokens were moved to exchanges, adding to concerns about the token’s short-term outlook.
The decline pushed the ONDO price nearly 10% lower during the day as traders reacted to a series of large transfers and a weakening technical structure.
According to data shared by Nazoku, a custody institution wallet identified as 0xBf6 transferred 3.637 million ONDO tokens, worth around $1.14 million, to Coinbase via an intermediary wallet.
Around an hour before this transaction, another wallet named 0x1c0 had made a transfer of 4.013 million ONDO to Coinbase.
Source: X
The transaction broke down some of the tokens received into smaller chunks before depositing them on Binance and Bybit exchanges. It was clear that the volume of the transactions was much higher than the amount of liquidity present.
Over 7.6 million ONDO tokens were transferred, considering that the token was already weakening. There was an instant market reaction, and ONDO started to fall further.
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ONDO Loses $0.36 Support as Sellers Gain Control
Market analysis shows the ONDO price recently lost the important $0.36 level, which had acted as a key area for buyers and sellers. This rejection has reinforced the negative sentiment and refocused attention on the $0.30 level of support.
Source: X
Having risen to $0.45 earlier this year, the ONDO price has been printing lower highs and lower lows since then, indicating a stronger control of the bears.
The inability of the ONDO price to take out the $0.36 level further adds to the bearish pressure, with the token trading at about $0.29.
$0.30 Becomes the Critical Level While Perps’ Volume Explodes
The main level of support for ONDO is at $0.30. As long as it remains above that level, it can trade sideways or even make an upward movement towards $0.36.
However, if the price breaks below that support level, it can fall to the level of $0.243. Despite poor performance in prices, there was an uptick in the activities of the perpetual futures market of Ondo.
According to Niels, the trading volume of ONDO perpetual stands at $1.122 billion, which is an increase from the $133 million that stood as the total on May 31. This shows how active traders have remained despite the increase in selling pressure on the token.
Source: X
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