Ondo price has slipped 7% today, with the ONDO/USD trading at $0.5708. This drop means that ONDO has decreased by 15% in a week and 22% in the last 30 days. However, Ondo’s price retains a 253% increase in the past year.
This annual gain puts Ondo in a good position to return to solid growth once the wider market regains momentum, with its network giving the coin some of the strongest fundamentals in crypto. Moreover, its 24-hour trading volume has surged 48% to $60 million. Given that it has now entered a severely oversold position, it could bounce back strongly quite soon.
Meanwhile, there have been at least $393k liquidations of Ondo in the last 24 hours based on data from Coinglass. The lion’s share of them, approximately $393k, were accounted for by longs, with shorts taking up the rest, at least $161.
Furthermore, data signals investors may be preparing for a potential move soon. The Open Interest in the Derivatives analysis has slumped 0.61%. However, the volume has surged 35% to $126 million. This suggests a potential shift in sentiment in the Ondo price direction.
Ondo Statistical Data
Based on CoinmarketCap data:
- ONDO price now – $0.5708
- ONDO trading volume – $60 million
- ONDO market cap – $792 million
- ONDO total supply – 10 billion
- ONDO circulating supply – 1.38 billion
- ONDO ranking – #71
Will September See Ondo Surge?
The Ondo price has flipped bearishly, trading within the confines of a falling channel. Prospects for further downside remain high, as the payments token holds below the major technical indicators. However, if bullish momentum increases, the Ondo price could shatter resistance due to the upper trendline of the pattern.
Meanwhile, the Relative Strength Index (RSI) is in the 30-oversold zone. This suggests increased selling pressure in the Ondo market. However, if investors start adding to their positions at this level, the RSI could jump above the 50-mean level. Furthermore, its position below 70 indicates there remains significant room for the upside before ONDO is considered overbought.
Traders looking to take long positions on the token should consider waiting for the ONDO price to break and close above the level of $0.8586. Meanwhile, the bulls are having a hard time resuming an uptrend as the $0.7955 and $0.08586 act as immediate resistance keys. Until the bulls conquer the technical barriers, the bears will keep painting the market bearish.
On the other fence, the Moving Average Convergence Divergence (MACD) worsens the outlook. The momentum indicator upholds a bearish outlook as it calls for a sell signal. Notably, the momentum indicator is hovering in the negative territory, reinforcing the bearish outlook.
Ondo Price Outlook
In the daily chart above, the sellers are dominating the market, with the bulls nowhere to be seen. In the coming days, traders should monitor the $0.5568 support level. A slip below this level could lead to a deeper retracement down to $0.5131.
Conversely, with the token oversold, the bulls might initiate a buy-back campaign at this level, causing the price of Ondo to surge. If the bulls capitalize on the oversold RSI, the Ondo price could rebound above $0.7955. A break and close above the $0.8586 technical barrier, may call for traders to rally behind the token.