$ONDO Long Liquidation: $50.2K Cleared at $1.636 – A Sudden Reversal

ONDO saw a sharp decline to $1.636, triggering the liquidation of a $50.2K long position. This unexpected reversal underscores the volatility of the market, with long positions getting caught in the rapid price drop.

Key Highlights:

Reversal Pressure: ONDO faced intense selling pressure around $1.650, which led to a swift move lower, trapping leveraged long traders.

Support and Resistance: Immediate support is now at $1.620, while resistance is seen at $1.650.

Market Sentiment: The liquidation signals potential weakness in the current uptrend, indicating that further caution may be needed for long positions.

Traders should monitor for stabilization around support levels to assess if the price can reverse and resume upward momentum, or if further downside is imminent.

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