ONDO is going through notable draw back strain. It has been down over 5% within the final 24 hours and corrected greater than 19% over the previous 30 days. With its market cap now sitting round $2.5 billion, the coin is manner under rivals like Chainlink and Mantra by way of market cap.
Current technical indicators and whale habits counsel that the present weak spot will not be over, regardless of a slight restoration in momentum.
ONDO RSI Is Recovering From Oversold Ranges
ONDO’s Relative Power Index (RSI) is at the moment sitting at 34 after rebounding barely from an earlier dip to 27.5. Simply two days in the past, the RSI was at 54.39, indicating how rapidly momentum has shifted.
The RSI is a momentum oscillator that measures the velocity and magnitude of latest value adjustments. It ranges from 0 to 100.
Readings under 30 are sometimes thought-about oversold, suggesting the asset could also be undervalued and due for a bounce, whereas readings above 70 are considered as overbought, indicating potential for a pullback.
With ONDO’s RSI now at 34, it has technically exited oversold territory however stays close to the decrease finish of the dimensions. This implies that whereas the sharpest promoting strain might have eased, the market remains to be fragile ,and sentiment stays cautious.
If the RSI continues to recuperate and climbs above 40 or 50, it might sign a shift towards extra bullish momentum.
Nonetheless, if promoting resumes and RSI falls again under 30, it might point out renewed draw back danger and potential for additional value declines.
Whales Just lately Stopped Their Accumulation
The variety of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated in late March, initially growing from 188 to 195 between March 22 and March 26 earlier than declining to 191 in latest days.
This whale exercise sample is important as these massive holders usually affect market sentiment and value actions, with their accumulation or distribution phases probably foreshadowing broader market developments.
Monitoring whale addresses supplies helpful insights into how influential buyers are positioning themselves, which may also help predict potential value motion.
The failure of Whale addresses to keep up the breakout above 195 and the following return to 191 might sign bearish sentiment amongst bigger buyers.
This retreat would possibly point out that whales are taking earnings or lowering publicity, which might create downward value strain on ONDO within the brief time period.
When massive holders start to scale back their positions after a interval of accumulation, it usually precedes value corrections, suggesting that ONDO might expertise resistance in sustaining upward momentum till whale confidence returns and accumulation resumes.
Will ONDO Fall Beneath $0.70 For The First Time Since November?
ONDO’s Exponential Transferring Common (EMA) strains are at the moment aligned in a bearish formation, suggesting the continued downtrend might persist. If this weak spot continues, ONDO might drop to check the important thing assist degree at $0.73.
A break under that will be vital, probably sending the value underneath $0.70 for the primary time since November 2024.
The token has been struggling to maintain tempo with different Actual World Asset (RWA) cash like Mantra, and this underperformance provides additional strain to ONDO’s short-term outlook.
Nonetheless, if sentiment shifts and ONDO manages to reverse its development, the primary key degree to observe is the resistance at $0.82.
A breakout above this degree might set off a broader restoration, with value targets at $0.90 and $0.95.
If the RWA sector as a complete regains momentum, ONDO might even rise above the $1 mark and purpose for the subsequent main resistance at $1.23.
Disclaimer
Consistent with the Belief Mission tips, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market circumstances are topic to alter with out discover. All the time conduct your individual analysis and seek the advice of with an expert earlier than making any monetary selections. Please notice that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.
