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Will ONDO Slide Down to $1.05 Soon? Assessing Major Levels
Ondo Finance (ONDO) has been experiencing a strong bearish sentiment in the market, with an analyst forecasting a potential drop to $1.05 in the near future.
Over the past week, ONDO has been struggling to maintain an upward momentum after reaching a local high of $2.1. Since then, it has declined to $1.47, marking a 9.55% decline over the past 24 hours and a staggering 19.70% drop on weekly charts.
The market sentiment is bearish, with an analyst predicting a 30% price correction to around $1.05 if ONDO closes below $1.48. This would be a significant drop for the altcoin, which has been on a downward trajectory in recent days.
In addition to this analysis, it’s essential to consider other market indicators that could affect the price of ONDO. In its current corrective phase and with bearish sentiments dominating the market, there are several factors that could drive the price down further.
The rising exchange-to-flow balance suggests that more traders are transferring assets into exchanges, either to sell or prepare to sell ONDO. This is supported by IntoTheBlock data, which indicates that large holders have been experiencing a net outflow of 3.52 million in the past week.
Furthermore, the NVT ratio with transaction volume has increased significantly over the past days, indicating an overvalued market and reduced participation from investors. This could exacerbate the bearish trend and contribute to further price drops.
The stock-to-flow ratio is also signaling oversupply of ONDO tokens, which would likely cause selling pressure and drive the price down.
In conclusion, considering all these factors, it’s possible that ONDO could indeed slide down to $1.05 in the near future.
Source: ambcrypto.com
