Ondo Price Prediction: ONDO Crypto Drops 3% As This 2.0 PEPE Charges Towards $11 Million
The Ondo price dropped 3% in the last 24 hours to trade at $0.6995 as of 00:44 a.m. EST on trading volume that dropped 19% to $83.5 million.
This comes as the meme coin space dropped by about 1.8% to a $44.7 billion market capitalization, with top titans, DOGE, SHIB, and PEPE dropping 3%, 1.7%, and 5%, respectively, as per CoinGecko data.
Ondo Price Bearish, Aims For A Rebound
The Ondo price went on a correction from August 12, dropping from the $0.78 resistance and finding support at $0.66, according to data from GeckoTerminal .
ONDO bears used the support zone to push the price on a markup phase back to the resistance zone, forming a bullish rounding bottom pattern. However, Ondo’s price invalidated the pattern’s bullish prospects as it went through a falling channel.
The downtrend has pushed Ondo to trade below the 50-day and 200-day Simple Moving Averages (SMAs), suggesting that the asset is currently on a bearish trend.
Moreover, the Relative Strength Index (RSI) is dropping as it hurtles toward the oversold region, currently at 38, indicating that ONDO is under intense selling pressure.
If the selling continues, the price of Ondo could plunge further below as the bulls retreat to the $0.66 support.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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