ONDO Price Correction After Rally
ONDO Finance (ONDO) saw a dramatic price swing this week. After a near 20% surge, the price quickly corrected, dropping significantly within 24 hours. Despite this pullback, ONDO remains a noteworthy player in the real-world asset (RWA) sector.
ONDO RSI Shows Cooling Momentum
Technical analysis reveals a significant shift. ONDO's Relative Strength Index (RSI) briefly spiked to 76.1—a level indicating overbought conditions—before retracting to 54.8. This suggests a slowdown in buying pressure and potential profit-taking. A sustained RSI above 50 could signal renewed bullish momentum, while a drop below 40 may indicate further downside.
Source: TradingView
Whale Activity Decreases
The number of ONDO whales (wallets holding 1 million to 10 million ONDO) decreased for the first time since mid-February, dropping from 221 to 214. While the overall number remains relatively high, this decline could signal profit-taking by large holders and potentially increased selling pressure. Conversely, stabilization or an increase in whale numbers could indicate renewed confidence and a potential price rebound.
Source: Santiment
ONDO Price Falls Below $1
Following the price surge, ONDO fell below the crucial $1 mark. Further corrections could test support levels around $0.95, $0.90, and even $0.88. A drop below $0.80 would be significant, marking a new low since November 2024. However, a bullish reversal could see ONDO reclaim $1.26, $1.44, and potentially even reach $1.66, depending on market sentiment and broader regulatory developments.
Source: TradingView
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Market conditions are volatile. Conduct thorough research and consult a financial professional before making any investment decisions.
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