Journalist
Posted:
Main to remember
Ondo prices action and the measures are disagreement – the price table has shown imminent losses for the token, while the metrics revealed that Ondo was undervalued. Both can be true simultaneously.
Ondo (Ondo), the Ondo decentralized Autonomous Organization (DAO) governance token, retains a key level of support at $ 0.87 since mid-July.
During the last month, the rest of the Altcoin market also had trouble finding momentum.
Source: Ondo / USDT on tradingView
This could be due to volatility around Bitcoin (BTC) and Ethereum (ETH), which both lacked a clear trend in recent weeks. On the daily Ondo table, the market structure was down.
The token has made up to the past three weeks. In addition, its CMF was below the -0.05 threshold. This indicated serious capital outlets for the domination of the market and the seller.
If this sales pressure continues, Ondo could pass the support area of $ 0.87.
Is Ondo undervalued right now?
Source: Santiment
Santiment data revealed that network growth and daily metric measures have been relatively unchanged since the end of July.
This regular trend has shown that the network was neither expanding nor losing ground. It was a positive result at a time of price volatility.
Interestingly, the metric consumed by age was also relatively silent in recent weeks. This metric follows the movement of the tokens before inactive.
A dormant laddling burst would cause an increase in the age consumed.
This would indicate that inactive parts are moved in large numbers, which occurs before or during a sale.
As it did not happen even if Ondo prices rode key support, it was an encouraging sign.
Source: Santiment
The distribution of the food reflected regular purchase pressure in the smallest wallets, holding up to 1 m over. The portfolios with larger assets, from 1 m to 100 m, have reduced slightly over the past ten days.
Combined with the metric consumed by age, they reported a certain accumulation for Ondo.
Source: Glassnode
The Production Production ratio spent (SOPR) was 0.98 at the time of the editorial staff. As it is a representation of the price sold / the price paid, values less than 1 involving holders are at a loss.
The SOPR has oscillated around 0.9-1 since the end of July, with a brief increase of 1.4 in August. The low SOPR numbers have recently indicated that this could be a good purchase opportunity because Ondo was probably undervalued.
As the CMF indicated on the graph of a day, such a purchase would include its risks, and traders and investors must be wary of additional price loss.
