ONDO Price Wobbles: Key Support at $0.979 in Focus

ONDO's Breakout Attempt Faces Resistance

Ondo Finance (ONDO) has struggled to maintain its upward momentum after a breakout that followed months of consolidation. Market corrections have led to a price pullback, with ONDO currently trading near the $1 mark, down by 0.35% in the last 24 hours.

The failed breakout has dampened trader and investor enthusiasm, with trading volumes dropping by 25% compared to the previous day, according to CoinMarketCap data.

Critical Price Levels for ONDO

Technical analysis identifies the $0.979 level as crucial support for ONDO to sustain its uptrend. This level has shown resilience on both daily and four-hour timeframes.

However, the emergence of a bearish engulfing candle at a key resistance point suggests a potential repeat of past declines. A bearish head and shoulders pattern is forming on the four-hour chart, with $0.979 acting as the neckline.

For ONDO to resume its rally, it needs to reclaim the $1.13 level. Conversely, a break below the $0.979 support could trigger further downside.

Currently, ONDO's price is below the 50-day Exponential Moving Average (EMA) on the daily timeframe, signaling a short-term downtrend.

Whale Activity and Expert Outlook Remain Positive

Despite the recent price correction, experts and large investors (whales) remain optimistic about ONDO's potential.

A well-known crypto analyst has predicted a significant move for ONDO, targeting a price of $2.80. This prediction hinges on a shift towards a more bullish market structure.

Data from CoinGlass shows a substantial outflow of $1.70 million worth of ONDO tokens from exchanges in the past 24 hours. This outflow may indicate accumulation by long-term holders capitalizing on the price dip.

IntoTheBlock data reveals a 100% surge in transactions ranging from $100K to $1 million and a 125% increase in transactions between $10K and $100K. These large transactions suggest growing interest from major investors.