ambcrypto.com
Ondo [$ONDO] faced renewed supply concerns after its team-linked wallet deposited 4.019 million tokens worth roughly $1.4 million into Coinbase.
The wallet had received 20 million $ONDO one day before making the exchange-bound transfer. Part of that newly received allocation moved directly into an environment where holders could access market liquidity.
However, the transaction did not confirm a sale, since exchange deposits alone cannot establish the wallet’s eventual action. The wallet also retained most of the 20 million $ONDO allocation after transferring only 4.019 million tokens.
Still, the Coinbase destination increased the relevance of the movement for $ONDO’s near-term exchange supply.
Broader market flows presented a different picture, however, with exchange withdrawals continuing to offset incoming supply.
$1.09 million outflows counter fresh supply
Broader $ONDO flows had leaned toward withdrawals, creating a notable contrast with the team-linked Coinbase deposit.
Spot netflows reached approximately -$1.09 million on the 9th of August, meaning withdrawals exceeded exchange inflows during that session.
The latest $1.4 million team-linked deposit, however, exceeded August 9’s net outflow in nominal value.
Yet, sustained negative netflows could gradually absorb additional exchange-bound supply if withdrawals continued across subsequent sessions. The balance, therefore, depends on persistence rather than a single daily reading.
Can the 0.618 Fib protect $ONDO?
$ONDO had retraced toward the 0.618 Fibonacci level at $0.3450 after sellers erased much of July’s recovery. This zone carried greater relevance because 0.618 often marks a critical retracement area within an established price swing.
Price remained around $0.352, keeping $ONDO narrowly above this support during the latest session. Meanwhile, RSI had weakened to 43.84, below its 50.83 average, leaving buying strength subdued near the Fib zone.
Holding $0.345 could establish the retracement as support and encourage a recovery toward the $0.3608 midpoint.
A stronger rebound could then reopen $0.3766, where the 0.382 retracement created the next significant hurdle. However, a decisive loss of $0.345 would weaken the recovery structure and favor deeper retracement.
Such weakness could pull $ONDO toward the 0.786 Fib at $0.3224. Meanwhile, $0.2937 would represent a complete retracement of the measured advance.
Downside liquidity reinforces the $0.345 test
Liquidation positioning added further significance to the same lower price region highlighted by the Fibonacci structure.
The 24-hour Binance heatmap had concentrated stronger nearby liquidation liquidity below $ONDO’s roughly $0.35 trading area.
Notably, dense clusters had developed around $0.343–$0.345, almost directly alongside the $0.3450 Fibonacci support. Additional liquidity had accumulated closer to $0.340, extending the downside concentration beneath that technical level.
Upside liquidity had also appeared around $0.355–$0.360, although those clusters carried less intensity than the downside concentrations.
A decline through $0.345 could draw price deeper into the lower liquidity region and increase volatility. Alternatively, defending the zone and reclaiming $0.360 could reduce immediate downside exposure.
Final Summary
- $ONDO’s $1.09M exchange outflows are countering fresh supply from the team-linked Coinbase deposit.
- Holding $0.345 could support recovery, while a breakdown could expose $0.3224 next.