Examining whether Ondo’s rejection at $0.47 opens door to $0.26
Tech Examining whether Ondos rejection at $0.47 opens door to $0.26 Ondo [ONDO] witnessed an 8.93% drop in Open Interest in the past 24 hours, and its price was down 4.78%. The altcoin has some upward momentum still – it has rallied 12% over the past week. This Open Interest depression signaled that speculators were likely in the process of exiting the market, awaiting the next strong trend. It must be noted that the altcoin challenged the $0.47 local high on Saturday, the 9th of May. Source: ONDO/USDT on TradingView In a recent report, AMBCrypto had warned that the 1-day structure remained bearish. A rally up to the 78.6% retracement level at $0.413 was anticipated, with a small chance of $0.47 being tested before a bearish continuation. News that a team-linked wallet moved Ondo tokens worth $63.9 million to Coinbase had already warned of potential sell pressure. Though momentum was strong recently, the bearish outlook appeared to have held so far. The bearish ONDO setup following the recent rejectionSource: X In a post on X, influencer Cryptorphic laid out a short setup that lined up with the 1-day ONDO chart posted earlier. If the price breached the descending trendline and went above $0.42, it would invalidate the bearish