Key Takeaways
ONDO transactions ranging from $100K to $1 million have surged by 100%, indicating strong whale participation. Amid the price correction, an expert made a bold prediction that ONDO could reach the $2.80 level.
Ondo Finance [ONDO] has failed to sustain its recent breakout, which came after months of struggle.
The breakout was invalidated as market sentiment shifted into a correction phase, leading to the formation of a red god engulfing candle that erased the gains and failed the breakout.
All of this has occurred over the past three days. Currently, the ONDO price appears to be struggling near $1 and has slipped by 0.35% in the past 24 hours.
However, the failure of the breakout after months of effort has reduced trader and investor participation.
CoinMarketCap data revealed that ONDO’s trading volume during this period has dropped by 25% compared to the previous day.
ONDO price action and key levels to watch
As this sentiment continues, AMBCrypto’s technical analysis has identified the $0.979 level as a key support for ONDO to maintain its uptrend.
On both the daily and four-hour time frames, this level appears to be providing strong support.
Beyond this, price action is now flashing a bearish signal that ONDO may be repeating its history by falling from a key resistance level, as it has formed a strong engulfing candle at the top of the resistance.
Source: TradingView
Meanwhile, on the four-hour time frame, the asset appears to be forming a bearish head and shoulders pattern, with $0.979 acting as the neckline.
Source: TradingView
Given the current market sentiment, ONDO’s upside rally could only begin if the asset regains the $1.13 level.
Conversely, downside momentum could start if the price breaks below the local support at $0.979.
At press time, the ONDO’s price was hovering below the 50-day Exponential Moving Average (EMA) on the daily time frame, indicating that the asset is in a downtrend on the shorter time frame.
Experts and whales still eye ONDO
Despite the bearish price action, experts and investors appear to hold a bullish view on the asset, as evidenced by recent whale transactions.
Recently, a well-followed crypto expert made a bold prediction in a recent post on X (formerly Twitter). The expert stated that ONDO is shaping up for a strong move, with the next target potentially being the $2.80 level.
The post gained widespread attention due to the current market structure, which needs to shift and turn bullish for the prediction to play out.
In addition to expert bold predictions, exchanges have recorded an outflow of $1.70 million worth of ONDO tokens in the past 24 hours, as revealed by in-chain tool CoinGlass.
This substantial outflow indicates potential accumulation, as investors and long-term holders may be taking advantage of the recent price decline.
Source: CoinGlass
Whereas on-chain analytics firm IntoTheBlock reveals that transactions ranging from $100K to $1 million have surged by 100%, while those between $10K and $100K have increased by 125%.
These transactions are typically associated with whales and now suggest growing interest from large holders.
Source: IntoTheBlock
