ONDO Price Recovery Faces Resistance as Investors Realize Profits, Reclaiming $1 Seems Unlikely

The ONDO price made a minor recovery after falling below $1.00, but this may not be sustained since the investors are taking a different route.

ONDO’s price slipped below the crucial support level of $1 during Monday’s trading session, sparking concerns among investors. This downturn comes after a period of promising gains, leaving many wondering if the rally is over.

However, a closer examination of the technical indicators reveals a different story. The Moving Average Convergence Divergence (MACD) is indicating a decrease in bearish momentum, suggesting that the selling pressure might be easing.

This pattern, if sustained, could help ONDO’s price pivot and begin a new leg up. But, considering the recent downtrend and profit-taking activities, this scenario might face some challenges.

After rising from $0.36 to nearly $1.48, ONDO investors have been booking profits throughout the past two months. This sustained selling activity has played a role in the recent price decline.

If this selling pressure persists or worsens, it could hinder any emerging bullish trends, rendering the MACD’s bullish signal less impactful.

Hence, while MACD is indicating a reduction in bearishness, the ongoing profit-taking activities and potential selling pressure could limit ONDO’s price recovery.

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