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Is ONDO Set to Reach the $0.29 Mark? Here’s What Analysts Predict!
Amidst a troubling decline of 33% from its May highs, ONDO is grappling with increasing market skepticism and bearish momentum. Originally a strong market contender, the token now struggles as shifting sentiments and negative price actions dominate. “ONDO news” reveals that while some are hopeful for a recovery, a majority of analysts foresee a potential breakdown, especially if critical support levels crumble.
Bulls and Bears: A Tug of War
Bulls Struggle to Maintain Structure Amid Rising Risks
In the volatile altcoin market, ONDO finds itself caught in a decidedly bearish pattern, unable to secure a firm demand. Efforts by bulls to drive the price above significant supply zones have repeatedly failed, suggesting a fragile technical structure. Despite this, some market players remain hopeful about ONDO’s prospects, buoyed by ongoing discussions about real-world asset tokenization.
However, short-term price movements pose significant challenges. The token’s failure to stay above previous consolidation points indicates a lack of strong buying interest, which could potentially shift the price trend.
Technical Indicators Point to Increased Selling Pressure
Ali Martinez, a noted analyst, points out a concerning trend, as ONDO exits an ascending channel on a downward trajectory. This pattern typically indicates a weakening momentum and precedes more substantial price drops. Currently, Martinez forecasts a worrying plunge towards the $0.29 mark, substantially lower than its current levels.
Critical Moments Ahead for ONDO
Presently trading at $0.747, ONDO’s position remains precarious. After slipping below both the 50-day and 200-day moving averages, the token faces resistance that complicates any potential recovery. The recent rejection at the $1.00 psychological barrier and the subsequent drop below $0.80 underscore the growing dominance of bearish forces.
If the token remains under these averages, it could struggle to attract substantial buying interest. A further decline below $0.70 could trigger an accelerated drop, targeting the $0.60 to $0.50 range, where previous buying was noted late in 2023.
For a bullish resurgence, ONDO would need to reclaim and stabilize above the 50-day SMA at around $0.85. Until such a recovery occurs, the market’s disposition remains tilted towards the bears, advocating caution for those holding long positions.
For more insights into the volatile crypto market, you can find extensive analyses and updates on Binance.
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