ONDO is currently trading at $0.9253, an increase of 0.34% over the past day. The trading volume has also declined by 33.35% and is currently standing at $122.81 million. In spite of this fall, the price of ONDO has indicated a marginal upward trend. This shows that ONDO has the good side of the wind, even though volume has gone down.
Source: CoinMarketCap
The price of ONDO has gone up by 1.22% in the last week. Such consistent growth indicates stability in its value. ONDO still increases despite the decline in trading activity. This implies that the cryptocurrency may continue to increase in case momentum prevails.
CryptoPulse, a cryptocurrency analyst, highlighted that ONDO is currently in the process of consolidating in a downward direction. The price is currently above the key green demand zone, which is between $0.84 and $0.88. This zone has been acting as support and has historically enabled the price to bounce higher. With this support, ONDO might bounce to the $0.95-$1.00 resistance zone as long as it can support it.
Source: X
On the other hand, ONDO may transition to lower liquidity zones below $0.80 in the event of a price decline below the $0.84 threshold. This may indicate additional downside pressure. The traders will be waiting to know whether the support will prevail or there will be a breakdown in the days ahead.
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The Relative Strength Index (RSI) is 48.15. This puts the token in a neutral position, where it can go upwards. The RSI is currently at 46.68, suggesting that there is no imminent risk of becoming overbought.
The MACD presents a slight negative convergence divergence. The MACD line lies below the signal line, which shows possible moderate bearish pressure. But the MACD histogram indicates that the market has a low downward momentum, implying that the market is still in its consolidation stage.
Source: TradingView
According to CoinGlass data, there is a decrease of 35.06% in the trading volume of ONDO, as it currently stands at $449.28 million. Open interest has grown marginally by 2.00% to a total of $421.84 million. Moreover, the OI-weighted funding rate is at 0.0015%, and there is a slight bullish mood among traders.
Source: CoinGlass
ONDO is at a critical point. Traders should monitor key levels of support. In case cryptocurrency retains its stance, then it can keep on rising upwards. But a drop below support may indicate additional declines.
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