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The Ondo price plunged more than 17% in the last 24 hours to trade at $0.8143 as of 2:15 a.m. EST.
Despite the recent correction, the Ondo price is still up over 56% on the monthly timeframe and the altcoin is in the green by more than 400% over the past year.
The Ondo Price Loses Multiple Support Levels
4-hour chart for ONDO/USDT (Source: TradingView)
The Ondo price dropped below the $0.91371 support over the last 24 hours, which triggered a wave of panic selling from traders. This bearish pressure then forced the altcoin’s value below the subsequent support level at $0.85316 as well.
With the formation of a descending price channel on its 4-hour chart, ONDO now has a major obstacle that it will need to overcome if it wants to start climbing again.
Should traders continue to pull the Ondo price down in the coming 24 hours, the crypto might be at risk of losing the key support at $0.78901 before possibly plummeting further to as low as $0.73787 in the short term.
On the other hand, a break above the bearish price channel could be identified as a long entry. The potential buy pressure might then lead to ONDO reclaiming the $0.85316 support.
A sustained close above this threshold could then give ONDO the foundation needed to keep rising in the following 48 hours. Traders might push the altcoin’s value to above the recently-breached $0.91371 mark as a result. Continued buy pressure should ONDO overcome this threshold could lead to it rising to $0.98294.
Bears Might Continue To Force The Ondo Price Down
Technical indicators on ONDO’s 4-hour chart warn that the Ondo price is at risk of further downfall. Sellers have the upper hand against buyers, as signaled by the Relative Strength Index (RSI) indicators.
Not only did the RSI cross below its Simple Moving Average (SMA) line on the 4-hour chart, the former is also breaking away below the latter. This suggests that bears are growing stronger and might keep pulling ONDO’s value down.
Meanwhile, a major bearish technical flag was triggered by the Moving Average Convergence Divergence (MACD) indicator. Over the past 24 hours, the MACD line crossed below the MACD Signal line.
Traders usually identify this specific technical occurrence as a sign that a crypto has entered into a bearish trend. Given that the cross took place on the 4-hour chart, this could indicate a short-term cycle that might last for a couple of days.
With the drop in Ondo’s price, traders and investors might pivot to smaller-capped cryptos with greater upside potential. New Solana meme coin Slothana (SLOTH) could be a big beneficiary of this potential shift in focus with its official launch less than two weeks away.
Traders Send Over $10 Million In SOL To This Presale
Slothana is the latest crypto to enter the vibrant Solana meme coin ecosystem. Its team’s decision to exclude elaborate roadmaps and technical whitepapers seems to have paid off, as traders sent over $10 million worth of SOL to the crypto’s presale in less than two weeks.
Investor frenzy surrounding SOL meme coins in the past few weeks has also allowed the sloth-themed crypto to build a loyal following in a relatively short time period. Now, the Slothana team is looking to keep this positive momentum going with the token’s upcoming launch.
🚀 Hold onto your branches, Slothana faithful! 🌿 We're gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Scheduled to take place in less than two weeks, Slothana’s token launch is all part of the team’s ambitious plan to take the meme coin from a lighthearted 420-themed project to a crypto that boasts a market cap of $420 million.
Speculation that the token’s launch will be followed by both a centralized exchange and decentralized exchange listing has also been on the rise.
Time Is Running Out
A countdown timer was recently added to Slothana’s website. With time ticking away, there is a good chance that Slothana’s presale momentum will transform into post-launch success. This could lead to parabolic gains for investors.
Anyone looking to position themselves before the meme coin’s highly-anticipated launch can do so via a buy widget available on the project’s website.
Investors can buy SLOTH before its upcoming launch here. For every 1 SOL token sent to this address, investors will receive 10,000 Slothana (SLOTH) tokens.
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