- The price of ONDO has fallen by more than 7% in the last 24 hours.
- Most indicators suggested continued price declines.
temperature It has recently created a lot of buzz as it recorded a huge price increase. The bullish rally has sparked speculation among investors that ONDO could reach $2 in the coming days.
However, there has been a downward trend in the last 24 hours, which has pushed the token price down.
Demand for ONDO is surging
Santiment recently posted: Twitter We highlight the fact that ONDO has been trending for quite some time. The main reason could be that the price rose by 75% in just 11 days.
While the token was showing strength, investors took advantage of the opportunity to secure ONDO.
Santiment’s tweet noted that there were just over 5,000 non-empty wallets for the token on February 26th.
However, as buying pressure increased, the number of non-empty wallets for the token reached 33,225, an increase of over 550%.
AMBCrypto’s analysis shows that buying pressure for the token remains high. Exchange Outflows have surged over the past week.
Over the past few days, exchange supply has decreased dramatically, while off-exchange supply has increased. This also indicates high buying pressure.
Additionally, the supply held by top addresses also increased slightly compared to last week.
Source: Santiment
Is ONDO’s bull market over?
Meanwhile, famous cryptocurrency analyst Crypto Patel Posted Analysis suggests that the price of ONDO could exceed $2 in the next few days. But the token hit a roadblock.
According to CoinMarketCap, the token price has fallen by more than 7% in the last 24 hours alone. At the time of this writing, the token was trading at $1.20, with a market capitalization of over $1.66 billion.
While the token price fell, the NVT rate rose sharply. A rising indicator means the asset is overvalued.
This indicates that ONDO’s price downward action may continue further, which could limit it from reaching $2 any time soon.
Another bearish indicator was the MVRV rate, which fell after a spike on May 25th.
Source: Santiment
Realistic or not, the following is Market capitalization of ONDO based on ETH
Analysis of the token’s daily chart suggests that if the price decline continues, the token could plummet to $1.14. From there, ONDO will have a chance to rebound.
If it falls below that, the price could go as low as $0.97. However, if the trend changes again and the ONDO chart turns green, a break above the $1.24 resistance level will be needed to sustain the rally.
Source: TradingView