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ONDO Price Drifts from All-Time High, Profit-Taking Increases

2 mins
Updated by Ryan Boltman
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In Brief

  • After failing to escape consolidation, ONDO price is now likely facing another consolidation.
  • Due to selling, the MACD’s waning bearishness could fail for the third time in the last 30 days.
  • Profit-taking has spiked considerably following consistent selling, leaving ONDO vulnerable to corrections.
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The ONDO price made a minor recovery after falling below $1.00, but this may not be sustained since the investors are taking a different route.

Instead of supporting the recovery, the investors are moving towards securing whatever profits they are noting at the moment.

ONDO Investors Realize Profits

ONDO’s price recovery is facing some resistance as the Moving Average Convergence Divergence (MACD) is showing signs of waning bearishness. However, this pattern could fail for the third time within the past 30 days, primarily due to ongoing selling pressures. 

The repeated inability to sustain a positive shift in the MACD indicator suggests that bearish momentum remains a significant factor influencing ONDO’s price movements.

ONDO MACD.
ONDO MACD. Source: TradingView

Adding to the complexity, profit-taking activities have spiked considerably. Investors, eager to lock in gains, have been selling off their positions more aggressively. This increased selling activity has created additional downward pressure on the ONDO price, making it challenging for the altcoin to maintain a consistent upward trajectory.

As a result of these dynamics, ONDO is now highly susceptible to corrections. The persistent selling pressure, combined with profit-taking, undermines any emerging bullish trends.

Thus, while ONDO’s MACD has shown signs of decreasing bearishness, the repeated failures to sustain this shift, coupled with significant profit-taking, indicate that the altcoins remain under considerable pressure. 

Read More: How To Invest in Real-World Crypto Assets (RWA)

ONDO Realized Profits.
ONDO Realized Profits. Source: Santiment

Consequently, the potential of the altcoin forming a new all-time high is declining since ONDO now stands 42% away from $1.48.

ONDO Price Prediction: Reclaiming $1

ONDO price, trading at $0.99 at the time of writing, is just below the resistance of $1.07. In the past, this level, along with $1.24, formed the consolidation zone for the altcoin that it was stuck in for nearly three weeks.

Following the recent decline, the altcoin is susceptible to consolidation again. This time, the limits are $1.07 and $0.90.

Read More: Real-World Asset (RWA) Backed Tokens Explained

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView

If the latter support is lost, there is a good chance that the losses could extend. ONDO price could end up falling to $0.73, invalidating the bullish-neutral thesis.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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