ONDO team-linked wallet sends 26M tokens to Coinbase – Sell-off next?

An Ondo team-associated handle transferred 26.05 million ONDO tokens to Coinbase. The tokens had been price roughly $9.79 million.

Three weeks earlier, the handle obtained 150 million tokens from a multi-signature pockets, in accordance with Arkham knowledge. Two weeks later, the workforce moved 26.39 million tokens. Of those, 26.05 million have now reached Coinbase.

The exercise adopted earlier operational patterns, the place transferred tokens had been finally offered.

Nevertheless, the most recent deposit didn’t verify an instantaneous sale. It nonetheless elevated the danger of near-term promoting stress.

Did the ONDO market react?

Ondo [ONDO] had maintained robust upward momentum, reaching an area excessive of $0.38.

Nevertheless, the switch coincided with a minor pullback to $0.36.

ONDO traded close to $0.37 at press time, gaining 1.7% over 24 hours. In the meantime, Buying and selling Quantity dropped 46%, indicating weaker market participation.

Regardless of the pullback, ONDO’s bullish construction remained intact. Its Relative Energy Index (RSI) stood close to 64.

The elevated studying instructed robust demand and continued purchaser management.

The Purchase-Promote Delta supported this view, remaining optimistic for 4 consecutive days.

Throughout this era, Purchase Quantity reached 199.6 million, in contrast with 186.5 million in Promote Quantity. That produced a optimistic delta of 13 million, indicating aggressive Spot accumulation.

If these situations persist, ONDO may maintain its 200-day EMA at $0.37. It could then problem the $0.40 resistance.

Are whales getting ready to promote?

Even so, whale exercise remained a major concern.

The Spot Common Order Dimension indicated that whales returned 5 days earlier. Massive orders appeared between $0.36 and $0.37.

Nevertheless, these whales appeared primarily targeted on promoting. The Spot Taker CVD remained unfavourable, signalling sustained vendor dominance.

Whales might have returned to take income after ONDO rebounded from $0.31.

Continued whale promoting may weaken the market construction and enhance the pullback threat.

Below that state of affairs, ONDO may retreat towards its 20-day EMA at $0.33.

Last Abstract

• An Ondo-linked handle deposited 26.05 million ONDO, price roughly $9.79 million, into Coinbase.
• Sturdy Spot demand supported ONDO’s construction, though continued whale promoting threatened one other pullback.