- ONDO price open interest drops 3.61%, signaling reduced trader engagement.
- $621K in ONDO long positions liquidated in 24h, showing long-side risk.
- Long/short ratios exceed 2.4 across exchanges, reflecting bullish overcrowding.
ONDO price pair is showing signs of buyer interest near key support. After bouncing from $0.89, ONDO price trades at $0.9441. Bulls are defending this zone, and market watchers are monitoring if price can push through resistance near $1.03, with a breakout possibly opening the path to $1.15.
ONDO Price Holds $0.89 Support as Volume and Interest Decline
ONDO price has been staying at its support of $0.89 since mid-June. This level is still one of the major areas of interest. Once again, buyers intervened around this area, and the price rebounded to its present position of $0.9441.
Trading volume and open interest have decreased, even after the price bounced. As per the latest figures, the volume decreased by 1.50, and the open interest declined by 3.61. This means that there are fewer traders in the market, perhaps because of uncertainty in the market or dwindling momentum.
Binance and OKX traders are exhibiting a powerful long bias. The long/short ratios on the two platforms stand at 2.4-2.79. This implies that there are more traders who anticipate an increase in price, as opposed to traders who anticipate the price falling.
But high long liquidations are a warning. Long positions in the value of 621.74K were liquidated during the past 24 hrs. This indicates that a large number of traders are leveraging, and any sharp fall in price may have additional forced sales.The price range of $1.001.03 is still restricting the movement of prices. Selling pressure in the area of ONDO occurred on some occasions. Traders are waiting closely, in anticipation of a breakout above it.
In case buyers succeed in pushing the price beyond this point, the subsequent challenge is around the area of $1.15. This was the final significant high which came in late July. An upward push beyond $1.15 may invite additional profits up to $1.30-$1.35.
In case ONDO price does not support the $0.89, then the price will decline to reach $0.78. It can also fall further to $0.66 in case of selling pressure. ONDO price is now trading at a narrow band of $0.89 to $1.03. This lateral movement may result in a break or break down, basing on future market momentum and trader activity.
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