Ondo Crypto Dropped To Buying Zone: Analysts Anticipate Surge

• The ONDO price has declined by 30% in the past ten days.
• The trading volume has surged by 130% to around $300 Million.

Ondo (ONDO) price has experienced strong selling pressure for the past few weeks. The bullish trend was interrupted near the $2 mark, and a shooting star candlestick pattern formed. This bearish candlestick pattern attracted sellers and led to a bearish trend.

Amid this bearish move, the Ondo crypto price has declined by 43% in less than a month and dropped to the 200-day EMA. However, buying pressure has been received on the 200-day EMA.

This might play a crucial role in the rebound. Analysts believe that the ONDO price has the potential to bounce back.

Is ONDO Price on the Verge of Reversal?

Crypto analyst @BurnsideOhana was bullish on Ondo crypto. He suggested that the price has fallen through a descending channel in 4-H. The price took support from the lower trendline and formed a strong marubozu candlestick.

Based on the technical chart, the ONDO price might gain bullish momentum and go for the upper trendline. Suppose the token triggers a breakout from the channel; it might display a bullish rally ahead.

Ondo Price in a Correction Phase: Time to Buy ONDO Crypto?

When writing, the Ondo crypto was trading at $1.18, which has dropped by 3.32% over the past 24 hours. The market capitalization was $1.64 Billion, and its circulating supply was 1.38B ONDO.

The Ondo coin chart has displayed a correction phase of 43% in less than a month. However, the bearish trend has interrupted near the 200-day EMA. The price has been hovering between the 20-day and 200-day EMA for the past few weeks.

Suppose the ONDO price takes support on the 200-day EMA; it could be a bullish signal. Massive buying pressure can be anticipated once the price departs from the 200-day EMA. If the price exceeds the 20-day EMA, it might display a bullish rally.

On the other hand, buyers might panic if the digital asset price slips below the 200-day EMA. Selling pressure can be received if the price dives below the 200-day EMA.

Most buyers might prefer to book profit once the Ondo crypto sustains below the 200-day EMA. Here, profit booking might lead to a strong bearish trend.

Turning to the technical indicators, RSI has generated a bullish divergence in the short term. The price was trading over the 200-day EMA, which indicates the buyers’ presence.

ONDO Price Analysis Based on Chart

Ondo crypto has faced significant selling pressure, which has led to a 30% decline in the past ten days. Despite this, indicators suggested a potential reversal may be on the horizon.

The strong support around the 200-day EMA could prove crucial in reversing the bearish trend if buyers step in. The recent bullish has signals from the RSI and the formation of a marubozu candlestick.

A rally is possible if the ONDO price breaks above the upper trendline of the descending channel. However, if the price falls below the 200-day EMA, it may trigger panic selling, leading to further losses.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.