As Bitcoin dominance hits 60%, altcoins decline, with DeFi tokens like ONDO near critical support.
ONDO Price Analysis: Triangle Breakdown or Reversal?
The ONDO price trend has been declining since late December, now at $1.18 after failing to exceed $2, marking a 42% drop over two months. A descending triangle pattern indicates potential for a bearish continuation, with support at $1.19 and the 200-day EMA nearing this zone. The sixth consecutive bearish candle and falling RSI suggest strong selling pressure, heightening the risk of a breakdown rally. Should a breakdown occur, important support levels lie at the $1 psychological mark and $0.92.
Bullish Case: Can ONDO Hit A New ATH?
Conversely, a reversal may challenge the overhead trendline near $1.37, depending on a bounce from the 200-day EMA. Bitcoin analyst Ted Pillows predicts a double-bottom reversal, pointing to ONDO’s unique positioning, with backing from Donald Trump’s World Liberty Finance and a partnership with BlackRock’s BUIDL project. However, a solid price reversal has yet to confirm before bulls regain confidence. Short-term projections anticipate a dip to $1.15 or $1.20, followed by a possible rise towards all-time highs.
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