Ondo Price Prediction: ONDO Crypto Drops 3% As This 2.0 PEPE Charges Towards $11 Million
Release: 2024/08/27 15:48 Reading: 389
Ondo Price Correction: Aiming for a Rebound
The Ondo price experienced a 3% decline in the past 24 hours, reaching $0.6995 as of 00:44 a.m. EST. Trading volume dropped 19% to $83.5 million.
Meme Coin Market Dampens
The broader meme coin market witnessed a 1.8% decrease in market capitalization, falling to $44.7 billion. Leading coins like DOGE, SHIB, and PEPE registered declines of 3%, 1.7%, and 5%, respectively, according to CoinGecko.
Ondo Technical Analysis
Ondo's price entered a correction phase on August 12, dropping from a resistance level of $0.78. It found support at $0.66, establishing a bullish rounding bottom pattern. However, the pattern's prospects were invalidated as Ondo fell into a descending channel.
The downtrend pushed Ondo below its 50-day and 200-day Simple Moving Averages (SMAs), indicating bearish momentum. The Relative Strength Index (RSI) is approaching the oversold zone at 38, suggesting strong selling pressure.
Potential Rebound or Further Decline?
If selling pressure persists, Ondo could face further declines, with the next support level at $0.66. However, oversold conditions and undervaluation may present a buying opportunity.
If buying resumes, Ondo could rebound towards $0.82, breaching the $0.7161 and $0.78 resistance levels.
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