Will the Price of RWA Giant Ondo Coin Drop Even Lower?

Ondo coin experienced a significant drop from $0.710458 to $0.512454 on Aug. 5, a decline of 27.87%. Despite showing one of the biggest corrections

Ondo coin price dropped drastically on Aug. 5, sparking concerns about a possible further price decline. However, despite the significant loss, the coin recovered and returned to the $0.7 price level.

Here's a closer look at what happened to Ondo coin and what traders are saying about its future price movement.

Ondo Coin Price Fell Almost 60% Since July 1

According to CoinGecko, Ondo is the largest Real World Asset (RWA) by market capitalization, valued at $1.032 billion. Along with Bitcoin (BTC) and other major altcoins, ONDO's price crashed as part of the broader crypto market sell-off on Aug. 5. More details on what happened in the market on Aug. 5 can be found in our article.

However, Ondo coin had already been on a downtrend throughout July. On July 1, ONDO's price was at its highest for the period at $1.23, but it crashed several times.

There were three major drops in Ondo coin price in July and early August. The first occurred on July 5, when the price fell to $0.914110, a 25.68% loss.

Ondo coin price in the last 30 days. Source: CoinGecko

The next drop happened on July 8, when the coin hit $0.897359, a 27.04% drop from the July peak.

The deepest drawdown occurred on Aug. 5, when Ondo coin plunged to $0.521098, a 57.65% drop.

What's Next for Ondo Coin Price?

Back on May 29, we reported that Ondo's price increased by over 60% from $0.709765 to $1.29. Now, the coin is back to where it was in performance three months ago.

Those who managed to buy ONDO during the drawdown at $0.521098 could see a potential profit increase of almost 50% if the coin returns to the $1 price level. But will it?

Crypto analyst Anbu posted on Aug. 1 that ONDO's price could drop even further. At the time, the coin was trading around $0.9. According to Anbu, this could be the last drop.

$ONDO – One Last Dip for The RWA Giant

$ONDO has been showing signs of weakness these past few weeks, even when $BTC is pumping hard.

So, im very sure we will see $ONDO go lower.

There’s an unfilled FVG at around $0.79, its a no-brainer if u can buy at that price. pic.twitter.com/QEbQ7CYn8d

— Crypto Anbu (@CryptoAnbu_) August 1, 2024

Another crypto trader, Altsteinn, sees the Ondo coin drawdown as a good chance to increase profits by 20x. The trader also noted that the project has caught the attention of BlackRock.

You’d be up for a 20x when $ONDO smashes double digits if you’d caught the bottom and a whooping 14x if you ape in now at CMP

BlackRock’s got eyes on this gem and I’m ready to print whatever they’re printing, so I ain’t fading a single dip I see on this gem

I don’t need to… pic.twitter.com/bx5nsoBZXd

— ?ALTSTEIN TRADE? (@Altsteinn) August 6, 2024

Twitter user Grey BTC observed an institutional giant like BlackRock making two major purchases of ondo tokens via Arkham: one for $3.11 million and another for $5 million.

The interest of such an institutional player makes Ondo a more attractive crypto asset. However, always conduct your own research before investing your funds.

Breaking: BlackRock bought $8.1 Million of $ONDO token 15hrs ago.

Source: on-chain data via Arkham intelligence. pic.twitter.com/LhHjnHVGdP

— Grey BTC (@greybtc) August 6, 2024

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