ONDO Faces Hurdles in Reaching $2: Why $1.20 Matters


Demand for ONDO surged in recent weeks, but the price plummeted by more than 7% in the last day as bearish sentiment took hold, signaling possible further declines ahead.

ONDO has generated significant excitement recently with substantial price gains, leading investors to speculate about the token reaching $2 soon. However, in the last 24 hours, bears intervened, causing a decline in ONDO’s price.

ONDO Token Gains Momentum Amid Rising Buying Pressure

Santiment recently highlighted ONDO’s prolonged trend, attributed in part to its impressive 75% price surge over just eleven days. As bullish momentum grew, investors seized the opportunity to acquire ONDO.

Initially, ONDO had slightly over 5,000 non-empty wallets on February 26th. However, driven by increased buying pressure, this number soared to 33,225, marking a staggering 550% increase.

Last week, ONDO experienced a notable spike in Exchange Outflow, indicating strong buying interest. Concurrently, its supply on exchanges declined sharply, while the supply outside of exchanges saw a corresponding increase, underscoring sustained buying pressure.

Moreover, holdings by top addresses also saw a slight uptick over the past week, reflecting continued investor interest in the token.

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Source: Santiment

ONDO Faces Resistance After Bullish Predictions

Crypto Patel, a prominent analyst, recently forecasted that ONDO could surpass the $2 mark in the near future, sparking optimism among investors. However, the token encountered a setback.

According to CoinMarketCap data, ONDO’s price plummeted by more than 7% within the last 24 hours alone. As of the latest update, the token was valued at $1.20, boasting a market capitalization exceeding $1.66 billion.

Despite earlier bullish sentiments, ONDO’s NVT ratio saw a significant increase during this period. A higher NVT ratio typically suggests that the asset might be overvalued, hinting at potential downside for ONDO’s price in the near term.

Adding to the bearish outlook, the MVRV ratio, which had spiked on May 25th, subsequently declined. This metric tracks the average profit or loss of holders relative to the current price, indicating reduced profitability for recent investors in ONDO.

These indicators collectively suggest that ONDO’s recent price decline may persist, posing challenges to its potential to reach the $2 milestone in the immediate future.

Technical Analysis Points to Potential ONDO Price Movements

Based on our assessment of ONDO’s daily chart, ongoing price declines may lead the token towards the $1.14 support level. At this point, there could be a chance for ONDO to initiate a recovery.

ONDOUSDT. Source: TradingView

Should the price continue to slide below $1.14, the next critical support lies around $0.97. However, a reversal in the downtrend and a shift to bullish market conditions would require ONDO to surpass its resistance level at $1.24. This breakthrough is crucial for sustaining any potential rally in ONDO’s price.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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