The Ondo Finance (ONDO) token has broken key technical support, indicating growing bearish momentum. According to analyst data, ONDO dropped below a broadening wedge formation and the $0.26 demand zone. This breakdown opens the possibility for further declines toward the $0.22-$0.23 range if current selling pressure continues.
The Ondo Finance (ONDO) cryptocurrency has broken below crucial technical support levels, signaling increasing bearish pressure. An analyst stated that ONDO lost its channel support after a breakdown below a broadening wedge formation.
At the time of reporting, ONDO was trading at $0.2509 with a 24-hour trading volume of $67.48 million and a market capitalization of $1.21 billion, according to data from CoinMarketCap. The token fell 5.25% over 24 hours, extending its weekly losses.
Technical indicators show the asset is in an oversold condition, with an RSI reading of 27.81. The price remains significantly below its major moving averages, with the 20-day SMA at $0.4457. The MACD indicator remains in negative territory, showing no signs of a reversal.
The analyst’s assessment suggests the breakdown could target the $0.22-$0.23 zone. For the bearish momentum to subside, ONDO would need to reclaim and hold the $0.26 level as support.
