In the past 24 hours, the Ondo Finance [ONDO] token rallied by 2.24%, with a daily trading volume increase of just over 2%. The Open Interest also rose by 1.95% for the day.

Yet, the altcoin has faced an 11.3% drawdown since it made a local high at $0.427 last Thursday, July 30.

The decline followed structured token deposits by the Ondo Finance team to Coinbase, a move that may have weighed on market sentiment as traders anticipated potential selling pressure.

The token was in a higher timeframe downtrend. It saw a bullish breakout from a descending triangle pattern. As AMBCrypto warned, the $0.413 resistance zone was not flipped to support, keeping the bearish idea alive and kicking.

In other news, the Ondo crypto perps volume was…