- ONDO prices have fallen by over 1.4% in the past 24 hours.
- Buying pressure on the token was high.
Several cryptocurrencies have provided investors with profits in the past 24 hours. Ondo They had other plans, and it is true that prices fell during that period.
However, investors need not get discouraged as ONDO is trading at a key level and a bull run could begin soon.
Should I buy ONDO?
According to CoinMarketCap: dataOn July 7, ONDO’s price turned bearish, dropping by over 1.4% in the past 24 hours. At the time of writing, the token was trading at $0.9838, with a market cap of over $12.36 billion.
AMBCrypto reviewed data from IntoTheBlock and found that 65% of ONDO investors have made a profit, with over 34,000 addresses.
Source: IntoTheBlock
Meanwhile, popular crypto analyst and investor Mr. Crypto recently Tweet An interesting development is highlighted: according to the tweet, the token’s price remains within a support range.
If the test is successful, a major bull run could break out and the token could retest its June highs, so this could be a great opportunity for investors to buy the token while its price is low.
Source: X
Buying pressure is already building
This seemed like a good opportunity to accumulate ONDO, so AMBCrypto analyzed data from Santiment to see if investors had already started buying the token.
The token has seen a sharp increase in outflows from exchanges, suggesting increased buying pressure.
Additionally, while on-exchange supply has decreased, off-exchange supply has increased, further supporting the fact that investors are stockpiling ONDO.
Source: Santiment
AMBCrypto’s analysis of the token’s daily chart revealed yet another bullish signal: a bullish flag pattern was spotted forming on the token’s chart.
After hitting an all-time high in June, the token’s price has begun to consolidate within a pattern. A successful breakout could see the token first reach $1.237 before retesting the ATH.
The technical indicator Chaikin Money Flow (CMF) recorded an upswing. Additionally, the Money Flow Index (MFI) also rose towards neutral levels, suggesting that ONDO is likely to successfully test the bullish flag pattern.
Nonetheless, the MACD showed a clear bearish advantage in the market.
Source: TradingView
read ONDO Price Prediction 2024-25
Analysis of data from Hyblock Capital reveals that the token’s liquidation value increases around $1.079, so it is also important for the token to surpass this level as high liquidation values often lead to short-term price corrections.
If that happens, the path to an ATH will be pretty clear, but if the bears prevail, the token price may drop to as low as $0.88.
Source: Highblock Capital
