ONDO Finance: Bearish Sentiment and Technical Indicators Point to Downtrend
ONDO Finance (ONDO) has been trading in the green for the past 15 days, but the overall sentiment surrounding the token is bearish. Analysts have noted that the price has broken below a crucial trendline and is showing signs of further bearish momentum. This bearish sentiment is reflected in the significant long liquidation observed in the derivatives market.
ONDO Finance: Key Metrics and Technical Analysis
- ONDO’s fully diluted market cap has declined by 7% to $11.23 billion in the last 30 days.
- Only 13.89% of the total supply of 10 billion ONDO tokens is currently circulating.
- The volume/market cap ratio is 9.80%, suggesting good liquidity.
- The volatility of ONDO is 8.91%, indicating a high degree of price fluctuation.
- The token’s price has fallen below a crucial trendline, signaling a potential shift in the long-term uptrend.
- The 20-day and 50-day EMAs have formed a death cross, further reinforcing the downtrend.
- The supertrend indicator has given a sell signal, while the MACD is trading in negative territory, indicating bearish momentum.
While the price action suggests bearish momentum, the recent surge in bullish momentum, as indicated by the RSI breaking above 50 and the 14-day SMA, could signal a potential rebound. If ONDO’s price rebounds to $1.3 and sustains above this level, it could indicate a bullish reversal. However, the current market conditions and investor response are uncertain.
ONDO Finance: Support and Resistance Levels
The support levels for ONDO are $0.730 and $0.8530, while resistance levels include $1.280 and $1.50. Investors should closely monitor these levels for signs of a trend reversal.
It is important to note that this analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
