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Will ONDO slide down to $1.05 soon? Assessing major levels
The crypto market has been witnessing a bearish trend in recent times, and Ondo Finance (ONDO) is not immune to this downtrend. The altcoin has been experiencing a significant decline since it hit a local high of $2.10 just a week ago.
As of this writing, ONDO was trading at $1.51, marking a whopping 9.55% loss over the past 24 hours and an astonishing 19.70% dip on weekly charts. The recent market condition has led many to predict a further decline in the price of ONDO.
One popular analyst, Ali Martinez, suggests that if ONDO closes below $1.48, it could lead to a 30% price correction, potentially taking the altcoin down to as low as $1.05.
But is this bearish outlook justified? Let’s dive deeper into the charts and see what other market indicators have to say.
As of now, ONDO has entered a corrective phase, with strong bearish sentiments dominating the sentiment. The data suggests that more traders are moving their assets into exchanges, either for selling or preparing to sell, as shown by the rising exchange-to-flow balance.
Further analysis reveals that large holders have been net sellers over the past week, indicating a decline in inflows compared to outflows. This trend is also reflected in ONDO’s NVT ratio with transaction volume surging over the past days, sparking concerns of overvaluation.
Lastly, ONDO’s stock-to-flow ratio has signaled oversupply, which further supports the theory of increased outflow from exchanges. The combination of these indicators points towards a continued bearish sentiment for the altcoin.
Taking all of this into account, it’s likely that ONDO will find support around $1.04 if the current trend persists. However, should the market reverse its course, we could potentially see a short-term rebound back to $1.7.
In conclusion, based on these major levels and indicator analysis, there is a strong possibility that ONDO may indeed slide down to $1.05 in the near future, pending any significant changes in market conditions.
Source: ambcrypto.com
