- ONDO drops 3.46% to $0.9211, slipping below short-term moving averages amid market-wide correction.
- Price trades below both the 9-period EMA and TEMA, indicating short-term bearish momentum.
- RSI at 37.61 and MACD in negative territory confirm growing sell-side pressure.
- A break below $0.90 could lead to $0.88, while recovery above $0.9434 may target $0.97 and $1.04.
ONDO is under notable selling pressure, with its price recently dropping below critical short-term moving averages. ONDO is trading at $0.9211, down by 3.46% over the last 24 hours. The broader cryptocurrency market is showing signs of mild correction, with Bitcoin hovering near $107,000 and altcoins following suit in a risk-off environment.
ONDO Faces Technical Weakness Across Indicators
ONDO’s 4-hour chart reveals a shift toward bearish sentiment. The price is now trading beneath the 9-period Exponential Moving Average (EMA) of $0.9434 and the 9-period Triple Exponential Moving Average (TEMA) at $0.9224. This indicates a short-term bearish crossover, often considered a signal for a potential downward move.
Adding to the bearish outlook, Bollinger Bands are tightening with the price gravitating near the lower band at $0.9024. This suggests decreasing volatility but a possible breakout to the downside if selling pressure persists. The upper and middle bands stand at $1.0443 and $0.9733, respectively, serving as resistance levels in case of a rebound.
The Relative Strength Index (RSI) has declined to 37.61, well below the neutral 50 mark. This reading indicates that bearish momentum is dominating and that ONDO could face increased selling if bulls fail to defend nearby support.
Meanwhile, the Moving Average Convergence Divergence (MACD) confirms the bearish structure. The MACD line is currently at -0.0069, below the signal line of -0.0027, suggesting that downward momentum is growing. The histogram also prints negative bars, reinforcing the sell-side dominance.
Key Levels to Watch
If ONDO breaks below the psychological support at $0.90, it may open the door for a further decline toward the next support zone near $0.88. On the flip side, a reclaim of the EMA at $0.9434 could offer bulls a chance to regain control and push the price toward $0.97 and potentially $1.04, aligning with the upper Bollinger Band.
The current technical setup suggests ONDO is at a critical juncture. With momentum indicators pointing downward and the price slipping below key averages, traders should exercise caution. A decisive move in either direction could set the tone for ONDO’s next major trend.
Related Reading | Is Another Leg Upward For Dogecoin (DOGE)? The Chart Says So
