ONDO Declines 33% as Analysts Warn of Potential Slide to $0.29
ONDO has declined 33% from its May highs, reflecting increased bearish momentum and uncertainty in the market. Analysts warn of potential further losses if key support levels are breached.
- Some traders anticipate rebounds, while others predict extended corrections.
- Ali Martinez highlights ONDO's breakout from an ascending channel to the downside, indicating weakening momentum.
- Current price action is critical, with ONDO near key technical levels and thinning volume.
- If bearish pressure continues, it may revisit earlier consolidation areas.
Bulls Struggle To Hold Structure As Risks Grow
- ONDO remains in a bearish structure, struggling to establish demand or reclaim momentum.
- Key supply zones must be surpassed to maintain long-term uptrend.
- Macro trends around real-world asset tokenization still support fundamental interest, but short-term price remains challenging.
- Martinez warns that a downward breakout suggests aggressive downside moves may follow, potentially targeting $0.29.
- Currently trading at $0.747, ONDO has failed to hold above critical moving averages, which now act as resistance.
- The price shows a consistent downtrend with lower highs and lows since March.
- A breakdown below $0.70 could accelerate declines towards the $0.60–$0.50 range.
- Bulls need to reclaim the 50-day SMA and close above $0.85 to regain momentum.
