Clarity Act delay shakes ONDO… will it break below $0.30?

▲ ONDO/Source: X ©

ONDO is at risk of falling below $0.30 due to the postponement of the vote on the U.S. cryptocurrency market structure bill, the Clarity Act, coupled with a decline in derivatives demand. With its price falling below all major moving averages, a combination of long position liquidations and negative funding rates is increasing short-term downward pressure.

According to investment media FXStreet on August 7 (local time), ONDO fell by over 2% on Friday, continuing the previous day's 4% correction. The U.S. Senate postponed the floor vote on the Clarity Act until September, after the August recess, spreading concern among tokenized Real-World Asset (RWA) platforms that rely on a clear U.S. regulatory framework. ONDO, which tokenizes and provides government bonds, stocks, and other securities, is directly affected by the delay in the bill.

Demand for derivatives among individual investors has also weakened. According to CoinGlass, ONDO futures open interest decreased by 7% in the last 24 hours to $176.95 million. During the same period, long position liquidations amounted to $941,190, significantly exceeding short position liquidations of $6,780. The funding rate also turned negative, to -0.0004%, indicating a weakening bullish bias in the market.

Technically, ONDO is trading below its 50-day Exponential Moving Average (EMA) of $0.3629 and its 200-day moving average of $0.3814, testing a breakdown below the 100-day moving average of $0.3531. A decisive close below $0.3531 could lead to a correction down to $0.3295, where the uptrend line is located. If even that support level breaks, $0.2968, coinciding with the February 3 high, emerges as the next downside target.

The Relative Strength Index (RSI) remained in bearish territory at 43 on the daily chart. The Moving Average Convergence Divergence (MACD) crossed below its signal line, and the negative histogram expanded, indicating strengthening downward momentum. In the event of a rebound, the 50-day moving average at $0.3629 will act as the first resistance, and even if it is surpassed, the 200-day moving average at $0.3814 remains a stronger barrier.

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