$ONDO Token Suffers Selling Pressure Despite Brief Rally

Ondo Finance's token [$ONDO] has been facing selling pressure in recent days, despite a brief rally that saw it gain 2.24% in the past 24 hours.

The altcoin had made a local high at $0.427 on July 30, but since then it has seen an 11.3% drawdown, with traders anticipating potential selling pressure after the Ondo Finance team made structured token deposits to Coinbase.

A breakdown of the charts shows that the token was in a higher timeframe downtrend and had broken out of a descending triangle pattern, but failed to establish a bullish swing structure.

The Open Interest rose by 1.95% for the day, while the daily trading volume increased by just over 2%, indicating some interest in the altcoin, but not enough to drive prices up.