Expert Warns of Potential ONDO Price Drop: Here’s the Outlook

Market Analysis Predicts Potential ONDO Price Decline

InvestingHaven, a market analysis platform, suggests a possible drop in the price of ONDO. According to their tweet, ONDO may experience a decline to the $0.56–$0.59 range within the next 3 to 6 weeks.

Current Trend and Analysis

As of the latest update, ONDO is trading at $0.729864, marking a 4.31% decrease. The token has been in a downtrend since July, with a period of consolidation. Recent price movements in September and October indicated a slight recovery, but the trend remains bearish, suggesting temporary upward momentum.

The current retracement aligns with the continuation of the earlier downtrend. This pattern implies that ONDO may continue to decline towards the predicted support range of $0.56–$0.59, reflecting the bearish sentiment shared by InvestingHaven.

Support and Resistance Levels

The chart shared by InvestingHaven identifies two critical support zones around $0.5900 and $0.5600. These levels are derived from historical price action, indicating areas where buyers might become active. The "Buy The Dip" tag on the chart suggests these support zones are potential entry points for investors seeking lower prices.

On the resistance side, ONDO has faced challenges breaking above $0.7688, which has acted as an upper boundary, limiting the token's recovery attempts. The price appears to be range-bound, shifting around the resistance at $0.7688 and the support levels near $0.5600–$0.5900.

Experts’ Perspective

The tweet by InvestingHaven highlights cautious market sentiment. Their prediction of a dip to $0.56–$0.59 over the next few weeks indicates a bearish outlook. This trend could test ONDO's resilience, providing insights into the token's market behavior under pressure.

For investors, this could signal a period of opportunity, especially if the price approaches the forecasted support levels.