"ONDO Whale's $2.9M Profit Spark
1min read ONDO, a cryptocurrency token, has recently seen significant whale activity, with a substantial investor depositing 5.7 million $ONDO tokens into Coinbase, locking in a $2.9M profit. This action follows a year-long holding period during which the whale initially withdrew the tokens for $5.12 million, only to see their value surge to $8.02 million.
This dramatic price movement has sparked questions about the future trajectory of ONDO. Is this whale's action indicative of a broader trend for the token, or is it merely a short-term fluctuation before another downturn? To answer this, let's delve into the token's chart analysis and on-chain data.
ONDO has been consolidating within a symmetrical triangle, a pattern that often signals a potential breakout or breakdown. The token's price is bouncing between key support at $1.23 and resistance at $1.58. At the time of writing, ONDO was trading at $1.34, down 0.16% in the last 24 hours. The Relative Strength Index (RSI) stood at 48.89, indicating neutral momentum with neither overbought nor oversold conditions. A breakout above the resistance could propel the token to new highs, while failure to break may lead to a further decline. Investors should watch these crucial levels in the coming days.
The latest on-chain data reveals that 85.63% of $ONDO holders are in the money, suggesting positive returns for most. Additionally, 2.87% of holders are out of the money, while 11.50% remain in the money. These statistics point to strong support around the current price of $1.34, with most investors in profitable positions. If ONDO maintains its current levels, we could see continued buying interest. However, a shift in sentiment could pressure the token, especially if its price slips below critical support.
The 24-hour liquidation heatmap shows key levels of liquidation around $1.34 and $1.35. These levels have been consistently targeted by liquidations, which suggests strong resistance or support depending on the direction of price movement. If ONDO breaks below these levels, we could see a cascade of liquidations, triggering further downside.
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