The cryptocurrency market has experienced a significant decline due to ongoing tensions in West Asia, with ONDO being one of the hardest hit assets.
According to data from TradingView, ONDO's daily chart has turned fragile, with the price approaching the $0.34 level after falling 12.62% over the past 24 hours.
This bearish trend is also reflected in the Average Directional Index (ADX), which has risen to 43.77, indicating a strong directional trend.
Derivative platform CoinGlass data shows that ONDO's Long/Short Ratio has fallen below 1, with traders placing more bets on short positions than long positions.
This shift in market sentiment is further supported by the OI-Weighted Funding Rate, which has turned negative and dropped to -0.0117%.