ONDO Price In Correction Mode: How Long Will The Decline Last?

ONDO price was in a corrective phase. It has corrected by over 50% in the last two months. The recent downturn occurred when the ONDO token price faced rejection from the $0.8000 mark.

Last week, a double top formation was observed. Then, the bear army showed their strength and pushed the ONDO crypto below the key moving averages.

When writing, it was heading to retest the previous month low of $0.5500 and guiding bearish cues. Amid the sustained downtrend, the sellers have maintained their upper hand. They still looked confident in adding further short positions.

Despite this setback, the price action hinted that the correction might end, and the ONDO crypto can see a bullish reversal soon. To do this, the ONDO bulls must surpass the channel’s upper trendline barrier of $0.6000 to beat the bear cartel.

ONDO Price Prediction: More Bearishness Ahead?

On the daily chart, there were indications of a potential bullish momentum. The RSI line was on the verge of crossing the signal line, and a bullish crossover looked near.

Similarly, the MACD indicator suggested a short-term bullish reversal can be seen in the coming sessions.

Amid no clear directional signal, the crucial factor for the ONDO price bounce has been observed by the day-by-day volume surge. It signals the investors’ growing interest.

This relatable upsurge in the trading volume might fuel the trend reversal in the coming sessions.

Bandhan Sharma Maverick Trader (@wickhunterr), in his tweet, mentioned that the ONDO token’s price is heading toward its key support zone of $0.45, which is the best buy zone.

$ONDO

We are approaching that level 0.45-0.36 would be the best buy for this gem! pic.twitter.com/4LelnIGejW

— Bandhan Sharma Maverick Trader (@wickhunterr) September 5, 2024

At press time, ONDO crypto price exchanged hands at $0.5849 with an intraday surge of over 1.46%. The surge comes with a rise of over 68% in the trading volume. It gave a strong conviction that buyers are looking for a significant reversal in the coming sessions.

Decline In Popularity

Amid the consistent price correction, the investors were not looking very confident in buying ONDO. That resulted in less chatter and discussions for it on social media platforms. A declining social dominance activity implied a low media buzz for ONDO.

Meanwhile, the weighted sentiment data observed a slight increase from the lower region, noted around -0.545. However, the value was still in the negative region. However, a bounce was observed, which means a change in the investors’ mindset for ONDO.

This week, the token’s active addresses data noted an increase at 1096. It showed that new investors have started gaining interest and anticipated a rise.

However, the network growth line fell to the bottom, representing a declining growth of the ecosystem.

Liquidations Data | Source: Coinglass

The Futures Open Interest (OI) increased over 1.28% to $79.72 Million in the past 24 hours. It represented a long buildup activity by the traders.

Moreover, the consistent shift in the weighted funding rate value represented that the investors were still not confident, and indecisiveness was observed.

The immediate support levels for ONDO Price were $0.5470 and $0.5300, while the immediate resistance levels were $0.6000 and $0.6200.

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