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$ONDO made a strong move higher that retested the $0.36 resistance, and managed to break above it turning it to a support!
Price continued the move up but did not have momentum to retest $0.445, and entered a tight consolidation zone!
$ONDO is now retesting the $0.36 area again and if it hold the consolidation will continue, but with a breakout below it a further correction will follow!
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This liquidity drain while $BTC pushed higher is a bearish indication. Stablecoin market cap falling during a rally signals weak underlying demand.
Fresh capital isn’t flowing in, the move was mostly rotation and leverage. That leaves the upside looking fragile!
A deeper pullback or extended sideways grind looks more likely before any sustained next leg higher, but it’s still early and other factors play a role.