• ONDO price slides 13% to $1, market cap now $3.27 billion.
• Watch these levels: $1.00 support, $1.10 resistance; a break above could aim for $1.20.

Let’s talk about Ondo (ONDO) – it’s currently trading at $1.00, having slipped by 13% in the last 24 hours. The market cap for ONDO is also down by 13%, now at $3.27 billion. Trading volume is at $426.24 million, a decrease of 3.77%.

Zooming out, it looks like the wider crypto market is also facing some headwinds, experiencing a downturn. Overall market capitalization has dipped by 2.56% to $2.92 trillion. However, in an interesting twist, total trading volume across the market has actually jumped by 10.16% in the last day, reaching $126.22 billion.

Back to ONDO specifically, it’s currently navigating around a key support level of $1.00. If this support holds strong, we could see a potential rebound aiming for the resistance around $1.10. But, if selling pressure increases, the price might slip further, possibly heading towards $0.95 or even lower.

Bearish Indicators For ONDO

The key resistance level to watch is still at $1.10. A successful break above this level could propel the price towards $1.20, and if bullish momentum builds, we might even see a test of $1.25. Current market sentiment for ONDO appears mixed, making technical indicators crucial for gauging its potential price movements.

Analyzing the Relative Strength Index (RSI), it currently sits at 47.16, suggesting a neutral to slightly bearish momentum. The average RSI is higher at 56.20, indicating that while recent buying interest was stronger, it has since waned. Keep an eye on the RSI: moving back above 50 could signal renewed bullish momentum, while dipping below 40 might point to oversold conditions and a potential bounce.

The price action is currently close to the 50-period moving average, often a sign of market uncertainty. If ONDO can break above this moving average, it might suggest the beginning of an uptrend. For further confirmation of upward momentum, traders will be looking for a bullish crossover between the 50-period and 200-period moving averages.

Turning to the Chaikin Money Flow (CMF) indicator, it’s currently at 0.07, indicating a slight buying pressure. An increasing CMF would point to stronger buying accumulation, while a fall below zero could indicate growing selling pressure.

In conclusion, if ONDO can maintain support at $1.00 and successfully break through the $1.10 resistance, a move towards $1.20 becomes more probable. However, failing to hold support could lead to further price declines. It’s important to remember that the broader market conditions are still showing volatility.

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