ONDO Bounces Between $0.9599 Support and $1.01 Resistance After 2.3% Drop

ONDO continues to trade near key support and resistance levels following a 2.3% decline in the past 24 hours, with the token currently valued at $0.9718. The price remains within a defined range, bouncing between a support level of $0.9599 and a resistance level of $1.01. Traders are closely monitoring whether the token can sustain momentum above these levels or if further consolidation is likely [1].

The recent pullback has brought ONDO down 54% from its historical peak, but the chart now suggests the formation of a potential inverse head and shoulders pattern. This technical structure is being watched by market participants, as a breakout above the neckline near $1.01 could signal a reversal in the short-term trend. However, the token has shown mixed performance against major cryptocurrencies in the past 24 hours, falling 2.0% against Bitcoin and 3.4% against Ethereum [1].

Despite the decline, on-chain data shows continued accumulation activity, with an increase in the number of addresses holding ONDO at current price levels. This suggests that the recent dip may have acted as a buying opportunity for long-term holders, potentially reinforcing the support at $0.9599. The asset is currently consolidating within a well-defined trading corridor, and the coming days will be critical in determining whether this range holds or if a more significant move is imminent [1].

Market observers note that ONDO’s performance is part of a broader correction in the crypto market, but the token has shown relative stability compared to other assets in the same category. The defined range of $0.9599 to $1.01 continues to act as a focal point for both buyers and sellers, with price behavior around these levels indicating the market's readiness to either push higher or consolidate further [1].

As the asset remains in a key phase of its price action, investors are advised to track on-chain indicators such as net inflows and wallet activity to gauge the likelihood of a near-term breakout or breakdown. The inverse head and shoulders pattern, if confirmed, could serve as a strong technical catalyst, but traders should remain cautious as market conditions remain volatile and subject to broader macroeconomic influences [1].

Source: [1] ONDO Holds Support While Testing Resistance After Recent 2.3% Decline (https://cryptonewsland.com/ondo-holds-support-while-testing-resistance-aft/)