Ondo (ONDO) has sharply fallen from its recent peak of $1.05 to a trading level of $0.79. The 23% drop over two days has caused anxiety. The downward pressure continues in the cryptocurrency market. Despite this, a similar trend persisted for ONDO. The indicators for ONDO suggest that bears are gaining ground, while the price action shows bulls struggling to resist the latest downturn.
ONDO’s Price Outlook
Looking at two lower time frames, the support levels are highlighted in pink at $0.83 and $0.663. On the 12-hour price chart, the $0.385 level is presented as the critical point for a potential reversal of the current trend.
Fibonacci retracement levels (pale yellow) also underscore important support levels. The $0.527 and $0.639 regions are notable as optimal levels for ONDO bulls. The RSI indicator also shows that the momentum has shifted downwards.
On the other hand, the OBV has not fallen below the low levels that emerged in mid-March but continued to reflect a downward trend over the past week.
Trading volume has also been declining, which could indicate an approaching consolidation phase for the token. Bulls continue to view this positively. Consequently, bulls might consider any potential drop as a long-term buy-and-hold opportunity.
The Future of ONDO
ONDO’s liquidation heat map shows that significant liquidations could occur at the $0.7 level. After securing the liquidity pool, ONDO prices could continue their movement between $0.69 and $0.74, potentially signaling a trend reversal.
Additionally, levels at $0.59 and $0.37 below $0.69 are highlighted as areas to watch. Therefore, as long as the $0.69 to $0.71 support zone holds, investors may not need to worry about a sharp pullback.
On the other hand, the $1.1 area continues to be an attractive target for bulls. However, momentum will need to shift again before this liquidity zone becomes the next target.
