ONDO Price Experienced A Dip, And Analysts Expect Rebound; Can It?

• The Ondo price has declined by 31% in the past ten days.
• It has lost the 20-day EMA level and formed a bearish candlestick pattern.

The Ondo (ONDO) price has been witnessing a strong bullish rally since November. This bullish momentum has enhanced the portfolio by 200% till mid-December.

In the mid of December, the ONDO price reached the $2 mark and experienced selling pressure. Amid this fall, the price headed toward the major support level of $1.45.

According to analysts, this fall could be a dip, and the ONDO crypto price is expected to rebound. When writing, the price was declining by forming a bearish candlestick pattern. The bearish trend might pause at the $1.45 level.

Analysts Suggest a Rebound from $1.45 Level; Could ONDO Price Hit a New ATH?

EL MAGO is a crypto analyst who claims a bounce-back in the Ondo price. According to the chart structure, ONDO crypto has experienced selling pressure near the $2 territory. The decline appears to be related to Korean rumors that the SEC is investigating the CEO. He is likely to get a clean chit by the SEC.

After getting clean chit, the Ondo crypto price might bounce back. Once bulls show their involvement, the price may record a new all-time high.

ONDO Price Shaped a Head & Shoulder Pattern

Ondo crypto was trading at $1.48 at press time and has declined by 8.06% over the past 24 hours. Ondo’s market capitalization was $2.05 billion, and its 24-hour trading volume was $261.84 million.

The Ondo crypto price has formed a head and shoulder pattern in a daily time frame chart. It is a bearish pattern that could invite sellers, and a bearish trend can be observed.

The price has slipped below the 20-day EMA level, which signals a bearish forecast. Suppose Ondo fails to hold the major support level of $1.45, it could increase selling pressure. That may result in a bearish trend.

Conversely, if the price manages to defend the major support level of $1.45, buying momentum can be initiated. Any bullish candlestick pattern in this territory could draw buyers. Once the ONDO price departs from this zone, buyers may eye for a new all-time high (ATH).

The RSI was continuously falling and staying below the RSI-based moving average. MACD has triggered a death crossover with the Signal line, but it stays in positive territory. The histograms have flipped to red, which showcases a bearish forecast.

Ondo Price Prediction Based on Chart

The recent dip in the Ondo crypto price, 31% within ten days, has raised concerns among investors. Analysts believe that the price may find a bottom around the key support level of $1.45, which could serve as a potential rebound point.

However, the formation of a bearish head and shoulder pattern and the decline below the 20-day EMA indicate a bearish sentiment. There is optimism for a recovery if the ONDO price support holds.

Should the price bounce back, it may well set its sights on achieving a new all-time high, especially if positive market sentiment returns following the resolution of any regulatory concerns involving the CEO. Monitoring key technical indicators and price movements around the $1.45 level will be crucial for traders in the coming days.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.