Ondo Finance (ONDO) Price Analysis: Bearish Sentiment Persists as Price Breaks Below Crucial Trendline

The sentiment of Ondo Finance is bearish as per the analysts, and the price has also broken below the crucial trendline.

The sentiment of Ondo Finance is bearish as per the analysts, and the price has also broken below the crucial trendline.

The fully diluted market cap of the token is down 7% to $11.23 Billion

in the last 30 days, the maximum supply is 10.0 Billion ONDO. At press time, 1.389 Billion ONDO were circulating in the market.

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Volume/market cap ratio is 9.80%, reflecting very good liquidity in the token’s price. Volatility stands at 8.91% (high). Market cap dipped 3% to $1.499 Billion in the last 24 hours while the traded volume for the token declined by 10% to $145.3 Million.

Ondo Finance Token Derivatives Data Analysis

The value of the derivatives traded volume of the Ondo Finance token has declined by 4% in the last 24 hours from the press time. This further resulted in a traded value of $230.63 Million.

The derivatives liquidation chart of the token shows a huge surge in the long liquidation of the token over the last few weeks. This showed strong sellers’ dominance in the price of the token.

Also, the recorded long liquidation for the token in the last 24 hours is worth $246.43K, against which the shorts liquidated are worth $46.76K. This shows how strong profit booking is going on in the long positions of the token.

ONDO Token Technical Analysis

The token declined below a crucial trendline following profit booking at $1.4840. This decline marks a significant shift after a long-term uptrend, which had previously led to a rising wedge pattern on the chart.

In early June 2024, profit booking began, resulting in a 35% drop in the token’s trading price. The price has fallen below the rising wedge pattern, indicating further potential bearish momentum.

However, if the token’s price rebounds to $1.3 and sustains above this level, it may signal a potential surge in the future. Investors should closely monitor this key support level for signs of a trend reversal.

ONDO/USD Chart by TradingView

The 20-day and 50-day EMAs have formed a death cross, indicating a bearish trend. The token has declined below these EMAs, reinforcing the downtrend.

Adding to the bearish outlook, the super trend indicator has given a sell signal on the charts. This is supported by the MACD metrics, trading in negative territory and forming a bearish cross.

The RSI recently broke above 50 and is taking support. It also has broken above the 14-day SMA. This shows a surge in the bullish momentum of the token price.

ONDO has seen significant long liquidation and bearish sentiment, with price declines below key trendlines and technical indicators signaling a downtrend.

However, if the price rebounds to $1.3 and sustains, it could indicate a potential bullish reversal. Market conditions and investor response remain uncertain. The support levels for the ONDO are $0.730 and $0.8530. Resistance levels include $1.280 and $1.50.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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