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Can ONDO Price Prevent a Drawdown Inflicted by Whale Selling?
Thanks to the support of retail investors, ONDO’s price has managed to stay out of the list of the biggest losers.
However, whales dont seem to care much about this as they continue to offload their holdings to create a selling pressure potentially.
ONDO Investors to the Rescue
ONDO price action is an interesting case as, generally, when investors panic, the whales save the crypto asset from sharp declines. However, in the case of these altcoins, retail investors are saving the day.
Over the last couple of days, whale addresses holding between 10 million and 100 million ONDO have dumped more than 132 million ONDO worth more than $141 million. This move was potentially in order to secure their gains and offset their losses.
However, this did not sit well with other investors who have been attempting to prevent a severe price drawdown. Retail investors have been focusing on HODLing over selling for any reason. This is evident in the rise in mid-term holders (holding the supply for more than a month).
This cohort of investors has risen from 34% to 72% in terms of domination over the circulating supply. At the same time, short-term holders that are prone to selling have lost their dominance, slipping from 53% to 22%.
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This is how ONDO price has managed to prevent losing critical support and instead consolidate.
ONDO Price Prediction: Preventing a Fall
ONDO’s price has been consolidated for the last two weeks, and during this duration, support at $1.07 has been tested multiple times. While the altcoin has not broken below it yet, a push from the whales could do that.
However, retail investors’ support could prevent it, enabling the price to bounce back from this support. The likely outcome is continued consolidation for ONDO.
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Nevertheless, a dip below the support line at $1.07 could result in a massive drawdown. This would invalidate the bullish thesis, sending the crypto asset below $1.00.
Disclaimer
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