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The Ondo price dropped 3% in the last 24 hours to trade at $0.6995 as of 00:44 a.m. EST on trading volume that dropped 19% to $83.5 million.
This comes as the meme coin space dropped by about 1.8% to a $44.7 billion market capitalization, with top titans, DOGE, SHIB, and PEPE dropping 3%, 1.7%, and 5%, respectively, as per CoinGecko data.
Ondo Price Bearish, Aims For A Rebound
The Ondo price went on a correction from August 12, dropping from the $0.78 resistance and finding support at $0.66, according to data from GeckoTerminal.
ONDO bears used the support zone to push the price on a markup phase back to the resistance zone, forming a bullish rounding bottom pattern. However, Ondo’s price invalidated the pattern’s bullish prospects as it went through a falling channel.
The downtrend has pushed Ondo to trade below the 50-day and 200-day Simple Moving Averages (SMAs), suggesting that the asset is currently on a bearish trend.
Moreover, the Relative Strength Index (RSI) is dropping as it hurtles toward the oversold region, currently at 38, indicating that ONDO is under intense selling pressure.
If the selling continues, the price of Ondo could plunge further below as the bulls retreat to the $0.66 support.
However, the bulls may take this as a buying signal, with the token now being oversold and undervalued. If the buying begins at this level, ONDO could rebound, as the bulls target $0.82, having breached both the $0.7161 and $0.78 resistance levels.
Meanwhile, as the Ondo price bulls aim for a rebound, investors are also buying the new PEPE alternative, Pepe Unchained (PEPE).
99Bitcoins, a crypto YouTube channel with over 706,000 subscribers, says PEPU has the potential to surge 100X after its launch.
Pepe Unchained Presale Surges Close To $11 Million Mark – Best Meme Coin To Buy Now?
Pepe’s latest and most badass version, complete with its own Layer 2 chain on Ethereum, has now amassed over $10.7 million in its presale.
From its launch, Pepe has maintained positive growth, as it continues to be in the top three of the titan meme coins in market capitalization.
However, Pepe is not without shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its Layer-1 technology, which is highly characterized by network delays and rising gas fees.
Pepe Unchained is a token that is based on PEPE devising a plan to break free from his chains and embrace the future with Pepe Unchained. With the new ICO, Pepe Unchained leverages Layer 2 blockchain technology to offer double-stock rewards.
The Way of Pepe: Breaking chains, making gains! pic.twitter.com/j8w3C2HfE6
— Pepe Unchained (@pepe_unchained) August 21, 2024
The project is also set to tackle the scalability, speed, and efficiency issues that often plague meme coins built on Layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.
Token holders can also earn passively through the platform’s staking system, which offers 186% annual rewards.
You can buy $PEPU tokens for $0.0093105 each. The price hike is coming in about five hours, but you can lock in the best deal now.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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