- The price of ONDO dropped by more than 1.4% in the past 24 hours.
- The buying pressure on the token was high.
While several cryptocurrencies showered investors with profits over the past 24 hours, ONDO had other plans. And that was true, because the price dropped at that time.
However, investors should not be discouraged as ONDO has been resting at a crucial level, which could herald a bull market soon.
Should you buy ONDO?
According to CoinMarketCap’s factsONDO’s price turned bearish on July 7 as its value dropped by over 1.4% in the past 24 hours. At the time of writing, the token was trading at $0.9838 with a market cap of over $12.36 billion.
AMBCrypto’s analysis of IntoTheBlock data found that 65% of ONDO investors made a profit, representing over 34,000 addresses.
Source: IntoTheBlock
Meanwhile, Mister Crypto, a popular crypto analyst and investor, recently tweet highlighting an interesting development. According to the tweet, the token’s price was resting within a support range.
A successful test could trigger a massive bull rally, allowing the token to retest its June highs. Therefore, this could be the right opportunity for investors to buy the token while the price is low.
Source: X
Buying pressure is already high
Seeming this as a good opportunity to accumulate ONDO, AMBCrypto analyzed Santiment’s data to find out if investors have already started buying the token.
We saw that the token outflow to the exchange increased, indicating high buying pressure.
Moreover, the supply on exchanges decreased while the supply outside the exchanges increased. This further confirmed the fact that investors were hoarding ONDO.
Source: Santiment
AMBCrypto’s analysis of the token’s daily chart revealed another bullish signal. We found that a bullish flag pattern had formed on the token’s chart.
After hitting an all-time high in June, the token’s price started consolidating within the pattern. A successful breakout could see the token hit $1,237 first before eyes retest its ATH.
The technical indicator Chaikin Money Flow (CMF) registered an increase. In addition, the Money Flow Index (MFI) also moved north towards the neutral mark, indicating that the possibility of ONDO successfully testing the bullish flag pattern was high.
Nevertheless, the MACD showed a clear bearish edge in the market.
Source: TradingView
Read ONDO’s price prediction 2024-25
Our analysis of Hyblock Capital’s data revealed that the token’s liquidation would increase to almost $1,079. Therefore, it would also be crucial for the token to break above that level, as high liquidation often results in short-term price corrections.
If that happens, the path to its ATH would be quite clear. However, if bears dominate, the token’s price could drop to $0.88.
Source: Hyblock Capital