- ONDO fell below the $0.83 support level and retested it as resistance.
- The momentum has shifted in bearish favor.
Ondo [ONDO] fell from the recent swing high at $1.05 to trade at $0.901 at press time, a 23% decline in just over two days.
The crypto market was overwhelmed by selling pressure, but most tokens retained their bullish long-term outlook.
ONDO was in a similar vein. While its indicators showed bears were gaining superiority, the price action showed that the bulls were comfortable despite the recent volatility.
The short-term support level was flipped to resistance
Two lower timeframe support levels were highlighted in pink at $0.83 and $0.663. On the 12-hour chart, the swing low at $0.385 is the one to beat to flip the structure bearishly.
The Fibonacci retracement levels (pale yellow) also underlined key support levels.
The $0.527 and $0.639 were the most pertinent ones for ONDO bulls. The RSI showed that the momentum had shifted bearishly.
The OBV did not sink below the mid-March lows but has trended downward over the past week.
The trading volume was also declining, which could herald a phase of consolidation for the token. At press time, the bulls have no reason to panic.
A sharp decline would be welcome, as it would offer a buy-and-hold opportunity for the long term.
Should investors wait for such a drop?
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Author: Akashnath S
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