ONDO has experienced a 5.44% decrease in value over the last 24 hours, with its daily trading volume plummeting by 32%. Recent price fluctuations on the lower timeframes have highlighted the $1.9 level as a crucial support area.
An analysis of the 1-day chart has revealed a positive market structure, suggesting that price dips to the $1.67-$1.8 range present buying opportunities.
Challenges Faced by Ondo Crypto as it Approaches the Psychological $2 Mark
Following a significant drop to $1.3 on December 9th, ONDO quickly rebounded. Bullish momentum and market dynamics, characterized by higher lows and a consistently positive Awesome Oscillator, indicated a favorable market sentiment.
Although a local high was established at $2.146, ONDO has encountered resistance over the past 48 hours. Despite this, the CMF indicator, registering at +0.16, signals a strong influx of capital, reinforcing the overall bullish outlook on higher timeframes.
Key weekly support and resistance levels are currently situated at $0.5 and $1.48, considerably distant from current market levels. The $1.72 region is likely to serve as a demand zone in the near future, as evidenced by the retracement from $1.3 and subsequent Fibonacci retracement levels.
Looking ahead, potential bullish targets for ONDO include $2.34 and $2.66 once it surpasses the $2.14 mark.
Potential Price Movement Towards Levels Below $1.8
Over a two-week period, three notable liquidity clusters have emerged in close proximity. The first two, at $1.67 and $1.77, are followed by a third cluster near $2.1. While $2.11 appears closer, the $1.67 zone contains a higher concentration of potential liquidation levels.
Due to its strong attractiveness, there exists a possibility that ONDO might trend towards the $1.7 demand zone in the coming days. On a shorter timeframe, the $1.8 level also serves as an intriguing liquidity area that could prompt a price reversal.
Disclaimer: The views expressed in this article are solely the author’s opinion and do not constitute financial, investment, or trading advice.