Key Takeaways

Ondo’s price action and metrics are at odds — the price chart showed imminent losses for the token, while the metrics revealed ONDO was undervalued. Both can be true simultaneously.

Ondo [ONDO], the governance token of the Ondo decentralized autonomous organization (DAO), has been holding on to a key support level at $0.87 since mid-July.

Over the past month, the rest of the altcoin market has also struggled to find momentum.

This could be due to the volatility around Bitcoin [BTC] and Ethereum [ETH], both of which lacked a clear trend in recent weeks. On the ONDO daily chart, the market structure was bearish.

The token has made lower highs over the past three weeks. Moreover, its CMF was well below the -0.05 threshold. This indicated severe capital outflows from the market and seller dominance.

If this selling pressure continues, ONDO might fall past the $0.87 support zone.

Is ONDO undervalued right now?