ONDO Cryptocurrency Drops 7%, Buying Momentum Remains High
The Essentials at a Glance
The cryptocurrency ONDO has experienced impressive demand in recent weeks, leading to a significant price increase. Despite the initial bullish sentiment that fueled speculation about a possible rise to $2, the price of ONDO has fallen by more than 7% in the last 24 hours. Currently, the price stands at $1.20, making this value a critical level for the near future.
Why $1.20 is Crucial for ONDO
After an impressive run that saw the price skyrocket by 75% within eleven days, ONDO has experienced a significant correction. The increase in wallets holding ONDO from just over 5,000 to 33,225 indicates growing interest and rising demand for the token. Despite the recent price drop, the buying momentum remains high, as evidenced by an increase in off-exchange trading and a decrease in supply on exchanges.
Analyses and Forecasts
Although some analysts were optimistic that ONDO could reach the $2 mark, current data suggests that the price could continue to fall. With a current trading price of $1.20 and a market capitalization of over $1.66 billion, a further drop in price could push the token down to $1.14. Should the price fall below this level, a further crash to $0.97 could follow. A reversal of the trend depends on whether ONDO can overcome the resistance at $1.24.
Our Assessment
The recent price action of ONDO reflects the volatility and uncertainty often associated with cryptocurrencies. Although the token has experienced an impressive rally, it’s important to be cautious and closely monitor market dynamics. The critical mark of $1.20 will be crucial in the coming days to determine whether ONDO can reverse its losses and return to previous highs or if the downtrend continues. Investors should watch for further signals and adjust their strategies accordingly.
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Sources: Santiment, CoinMarketCap, TradingView
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