ONDO Drops 13% as Price Stalls Below $0.905 Resistance and $0.8507 Support Looms

ONDO experienced a significant weekly decline, dropping approximately 13% as it failed to break above a key resistance level near $0.905. The token’s price currently trades at $0.9052, with the yellow resistance zone on the chart acting as a visible barrier to upward momentum. This rejection from the resistance coincided with a 29.78% decline in daily trading volume, which has dropped to $143.67 million. Despite the price pullback, ONDO retains a market capitalization of $2.85 billion, with an unlocked market cap of $4.4 billion, signaling potential for future price action[1].

A critical support zone centered around $0.8507 is now in focus for traders. This area is seen as a vital level for ONDO to stabilize and potentially reestablish an upward trajectory. Should the price break below this zone, further support is likely to appear near $0.5833 and $0.5389—levels that were previously significant in late 2024. A broader red zone from $0.8025 to $0.8745 also remains relevant as traders watch for price consolidation and potential rebounds[1].

The chart indicates that ONDO’s Fully Diluted Valuation (FDV) remains at $9.04 billion, offering a benchmark for the token’s long-term value if all supply were to become liquid. However, any meaningful upward movement will depend on the price holding above current support levels. Higher resistance zones, including $1.0878, $1.1415, and $1.6384, remain key targets for future rallies. A failure to breach these levels could result in continued sideways or downward pressure[1].

Volume remains a critical factor in the token’s near-term outlook. The sharp decline in trading activity suggests reduced market participation during this consolidation phase. This may indicate traders are waiting for a clear breakout or breakdown from current levels before committing capital[1].

Technical indicators highlight the importance of monitoring price behavior within defined support and resistance ranges. If ONDO can maintain its position above the $0.8507 level, it may find the foundation to test upper resistance zones. Conversely, a breakdown could see the token retest older, lower support levels, potentially reshaping the market narrative[1].

ONDO’s path forward is contingent on its ability to either break through resistance or defend key support. With FDV remaining high and volume subdued, traders and analysts are closely watching for signs of a reversal or continuation in the current trend. The coming weeks will likely determine whether ONDO can regain lost ground or face further correction.

Source: [1] ONDO Retraces Sharply as Price Stalls Below Resistance and $0.8507 Support Levels Take Priority (https://cryptonewsland.com/ondo-retraces-sharply-as-price-stalls-below-resistance-and-0-8507-support-levels-take-priority/)