Ondo Finance Token Slumps 11.3% Amid Selling Pressure

The Ondo Finance token has faced selling pressure over the past few days, despite a minor 2.24% rally in the past 24 hours. The daily trading volume increased by just over 2%, and Open Interest rose by 1.95% for the day.

However, since making a local high at $0.427 last Thursday, July 30, the altcoin has seen an 11.3% drawdown. This decline followed structured token deposits by the Ondo Finance team to Coinbase, which may have weighed on market sentiment and led traders to anticipate potential selling pressure.

The token had been in a higher timeframe downtrend and saw a bullish breakout from a descending triangle pattern. However, as AMBCrypto warned, the $0.413 resistance zone was not flipped to support, keeping the bearish idea alive.