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The Ondo price slid 3% in the last 24 hours to trade at $0.9984 as of 1:12 a.m. EST on trading volume that skyrocketed 96% to $665 million.
Ondo Price On A Slight Correction – Possible Bullish Reversal On The Horizon?
The ONDO price on the daily chart reflects a consolidation phase within a larger downtrend, displaying the potential formation of a descending triangle pattern. This pattern is typically bearish, characterized by lower highs converging toward a horizontal support level around $0.88 to $0.87.
The Ondo price chart highlights a sequence of labeled pivot points (A, B, C, D), suggesting a possible harmonic structure or a simple ABCD correction. Point C marks a recent rejection near the 200-day Simple Moving Average (SMA) and descending trendline resistance, reaffirming the bearish control.
Meanwhile, the price of ONDO has struggled to sustain momentum above the psychological level of $1.00, as GeckoTerminal data shows.
ONDO previously surged to a high near $2.13 but has since retraced substantially, recently attempting to stabilize near the 0.786 Fibonacci retracement level at $0.932. The support area around $0.88 continues to be tested, and any decisive break below this zone could lead to a deeper decline.
The 50-day SMA currently resides at $0.8873 and is trending downward slightly , while the 200-day SMA at $1.1342 remains above the current price and acts as significant dynamic resistance.
Moreover, the Relative Strength Index (RSI) stands at 55.70, which places it in neutral territory but with a slight bullish bias. This suggests that while there is no immediate overbought or oversold condition, there is modest buying pressure.
The MACD (Moving Average Convergence Divergence) indicators are starting to show a potentially bullish crossover, with the MACD line (blue) slightly above the signal line (orange), and both hovering near the zero level. This could indicate early signs of bullish momentum, although the strength of the signal remains weak at this stage.
ONDO Price At A Critical Juncture
According to the ONDO/USDT chart analysis, the Ondo price appears to be at a critical juncture. The price of Ondo is consolidating below the 200-day SMA and within a descending triangle, a structure that often precedes breakdowns in a downtrend.
If ONDO closes decisively below the key support zone at $0.88, it could swiftly move toward the next significant support level near $0.78 or even lower at $0.60, aligning with historical price congestion.
Conversely, a bullish breakout would require the price of ONDO to reclaim and close above the 200-day SMA at $1.13, which could open up potential retests of higher Fibonacci levels such as $1.37 (0.5 retracement) and $1.55 (0.382 retracement).
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