Expert Warns of Potential ONDO Price Drop: Here’s the Outlook

InvestingHaven, a market analysis platform, has shared insights suggesting a potential decline in ONDO’s price. According to their tweet, ONDO might see a dip to the $0.56–$0.59 range within the next 3 to 6 weeks. 

The current trend could offer a key observation period for investors, who may find potential entry points as the price approaches these support levels.

ONDO’s Price Movements and Current Trends

As of the latest update, ONDO is trading at $0.729864, reflecting a 4.31% decrease. The token has been in a downtrend since July, marked by a period of consolidation. 

Recent price movements from September into October indicated a slight recovery. However, the trend still leans bearish, suggesting that the upward momentum was temporary.

The current retracement aligns with a continuation of the earlier downtrend. This pattern hints that ONDO might continue to slide towards the predicted support range of $0.56–$0.59, reflecting the bearish sentiment shared by InvestingHaven.

Support and Resistance Levels

The chart shared by InvestingHaven identifies two critical support zones around $0.5900 and $0.5600. These levels are derived from historical price action, marking areas where buyers might become active. The “Buy The Dip” tag on the chart suggests that these support zones are potential entry points for those looking to invest at lower prices.

On the resistance side, ONDO has struggled to break above the $0.7688 level. This point has acted as an upper boundary, limiting the token’s recovery attempts. The price appears to be range-bound, shifting around the resistance at $0.7688 and the support levels near $0.5600–$0.5900.

Read also: Legal Titans Clash Over Ripple’s Campaign Moves as XRP Price Struggles

Experts’ Take

The tweet by InvestingHaven points to a cautious market sentiment. Their prediction of a dip to $0.56–$0.59 over the next few weeks indicates a bearish outlook. This trend could test ONDO’s resilience, offering insights into the token’s market behavior under pressure. 

For investors, this could signal a period of opportunity, particularly if the price touches the forecasted support levels.

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