Ondo Finance (ONDO) Price Analysis: Will the ONDO Token Retest the $0.3000 Support Level?

The circulating supply of the Ondo Finance token was 1.389 Billion ONDO which was 13.89% of the token's total supply. Also, the token's total supply was 10.0 Billion ONDO, while the token's maximum supply was undefined.

.3000 Support Level?" >

The circulating supply of Ondo Finance (ONDO) token was 1.389 Billion ONDO on 28th June, which was 13.89% of the token’s total supply. The total supply of the token was 10.0 Billion ONDO, while the maximum supply was undefined. The fully diluted market cap of the token was $5.208 Billion.

The sentiment was bearish as per CoinCodex and the fear and greed index indicated fear among the investors. Following this, the market cap of the token declined by 26% in just the last 24 hours.

As per our crypto derivatives data, the liquidation chart of ONDO showed higher long liquidations over the last few days, which reflected seller dominance in the market.

However, the recorded long liquidation in the last 24 hours was worth $1.79 Million, against which the shorts were liquidated to the tune of $216.14K. This resulted in a long/short ratio of 0.8907 and the derivatives traded volume also advanced by 200%.

Despite the surge in the derivatives volume, the open interest of the token declined by 34%, which showed a decline in the open positions of the crypto.

ONDO Token Technical Analysis

In just the last 14 days, ONDO declined by more than 50%, and the price traded at a level of $0.5146 at press time.

From the beginning of February 2024, ONDO started to witness buying, followed by strong bullish sentiment among the investors. This led to a surge of more than 450% in the price in less than four months.

The following behavior of ONDO led to the formation of a rising wedge pattern. The token price further broke down below the same pattern which led to strong profit booking and a price decline.

ONDO Token Technical Indicator Overview

The 20-day and the 50-day EMAs traded in a death cross on the chart, following which, the price declined below the following EMAs and sustained below the same.

ONDO/USD Chart by TradingView

The MACD and the signal line further sustained in the negative trajectory for a long time. The following metrics further traded in a death cross and the histograms were also bearish on the chart.

The RSI had declined to the oversold zone and has sustained below the 14-day SMA. This exhibited a bearish sentiment in the token price.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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