ONDO whale dumps 2.69 mln tokens as bearish concerns persist: What now?

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ONDO whale dumps 2.69 mln tokens as bearish concerns persist: What now？

Ondo whale dumps 2.69 million tokens

Whales have returned to the market, as evidenced by the Spot Average Order Size.

It has remained dominated by big orders over the last month, implying significant whale activity despite concerns over ONDOs prospects.

Source: CryptoQuant

According to X (formerly Twitter) account Onchain Lens

Source: IntoTheBlock

Will selling pressure cause more losses？

Source: CoinGlass

Amid this market activity, ONDOs directional momentum indicators indicated a potential continuation of the current trend.

Notably, the MACD declined sustainably over the past five days since making a bearish crossover. This reflects strong momentum to the downside.

Further, the Relative Strength Index (RSI), which declined to almost oversold territory of around 37 at press time, reflected seller dominance as well.

Source: Trading View

Thus, ONDO is now in a position of weakness that can result in more losses. If the current trends and sentiments persist, the altcoin will seek support around $0.75, where it previously bounced back from.

However, if this support fails,