CoinJiawang reported:
The price of ONDO has dropped more than 1.4% in the past 24 hours, with significant buying pressure on the token.
While some cryptocurrencies have brought substantial profits to investors in the past 24 hours, ONDO has other plans. In fact, its price has declined during this period.
However, investors should not be discouraged as ONDO is currently at a critical level that could trigger a bull market soon.
Should you buy ONDO?
According to data from CoinMarketCap, ONDO turned bearish on July 7, with its value declining by more than 1.4% in the past 24 hours. At the time of writing, the token’s trading price is $0.9838, with a market capitalization exceeding $12.36 billion.
An analysis by AMBCrypto using IntoTheBlock data shows that 65% of ONDO investors are profitable, including over 34,000 addresses.
Meanwhile, popular cryptocurrency analyst and investor Mister Crypto recently tweeted highlighting an interesting development. According to the tweet, the token’s price is within a support range.
A successful test could trigger a significant bullish rebound, potentially retesting its June high. Hence, this might be the opportune time for investors to buy the token at a lower price.
Significant buying pressure
As this seems to be a good opportunity to accumulate ONDO, AMBCrypto analyzed data from Santiment to assess whether investors have started buying the token.
We found that the token’s outflow volume has surged, suggesting significant buying pressure.
Furthermore, its supply on exchanges has decreased while its supply off exchanges has increased. This further confirms the fact that investors are hoarding ONDO.
AMBCrypto’s analysis of the token’s daily chart reveals another bullish signal. We observed the formation of a bullish flag pattern on the token’s chart.
After reaching its all-time high in June, the token’s price started consolidating within the pattern. A successful breakout could first lead the token to retest its ATH at $1.237.
The technical indicator Chaikin Money Flow (CMF) is showing an uptrend. Additionally, the Money Flow Index (MFI) is also trending north towards the neutral zone, indicating a high possibility of ONDO successfully testing the bullish pattern.
However, the MACD is displaying a clear bearish dominance in the market.
Reading ONDO’s price forecast for 2024-25
Our analysis of Hyblock Capital data shows that the token’s liquidation will increase to around $1.079. Therefore, it is crucial for the token to break through this major hurdle as high liquidation rates often lead to short-term price adjustments.
If this occurs, the path to Athens will be very clear. However, if bears dominate, the token’s price may drop to $0.88.
