ONDO Token Plummets 33% Amid Bearish Market Momentum

ONDO, a token that was once a standout performer, has experienced a significant decline of 33% from its May highs. This downturn reflects the growing uncertainty and bearish momentum across the market. While some traders are still hopeful for potential rebounds, many analysts are now warning of a possible breakdown, suggesting that the current structure could lead to deeper losses if key support levels fail to hold.

The sentiment around ONDO is divided. Some investors view the recent dip as a healthy retrace within a broader uptrend, while others see it as the beginning of a more extended correction. Top analyst Ali Martinez has added to the cautious outlook, noting that ONDO is breaking out of an ascending channel to the downside—a pattern that is often bearish. This development suggests that momentum is weakening and that the token could soon test lower demand zones.

As ONDO hovers near key technical levels and volume thins, the coming days will be crucial. If the breakdown continues, the price could revisit earlier consolidation areas. Currently, bearish pressure dominates, and bulls must defend support convincingly to prevent further downside.

As the broader altcoin market awaits a decisive move, ONDO remains trapped in a bearish structure, unable to establish clear demand. Bulls have struggled to reclaim momentum or push the price above critical supply zones needed to maintain the long-term uptrend. With sellers dominating and key support levels under pressure, ONDO’s technical structure appears fragile.

Despite recent weakness, some market participants remain cautiously optimistic about ONDO’s longer-term potential. Macro narratives around real-world asset tokenization continue to support fundamental interest, but short-term price action remains a challenge. The inability to hold above prior consolidation ranges suggests that buyers are not yet stepping in with enough conviction to flip the trend.

Ali Martinez has raised alarms by highlighting a concerning technical development: ONDO is breaking out of an ascending channel—this time to the downside. Historically, this pattern signals a shift in market structure and sets the stage for more aggressive downside moves. Martinez’s outlook points to a potential slide toward the $0.29 level, which would mark a significant breakdown from current prices.

ONDO is currently trading at $0.747 after failing to hold above key moving averages, with both the 50-day ($0.93) and 200-day ($1.00) simple moving averages now acting as overhead resistance. The current price structure on the 3-day chart shows a consistent downtrend, with lower highs and lower lows forming since the March peak. Price has now broken below the prior consolidation zone, signaling growing bearish momentum.

The rejection from the $1.00 psychological level earlier this quarter added to downward pressure, and the break of the $0.80 level confirms that bulls are losing control of short-term structure. If ONDO continues to trade below both moving averages, it may struggle to find solid demand in the near term.

Key historical resistance remains at $1.51, but with ONDO currently 50% below that level and forming a bearish structure, downside risk continues to dominate. A breakdown below $0.70 could accelerate the fall, potentially targeting the $0.60–$0.50 range where previous demand clusters formed in late 2023.

For bulls to regain momentum, ONDO must reclaim the 50-day SMA and close above $0.85. Until then, the chart favors the bears, and the trend suggests caution for long positions.