ONDO Price Plummets! Can It Turn the Tide?

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One week ago, Ondo Finance (ONDO) reached a high of $2.10 but has since shown weak performance, currently priced at $1.51, down 9.55% in the last 24 hours and nearly 20% for the week. Market sentiment is low, and cryptocurrency analyst Ali Martinez warns that ONDO could be affected by a 'head and shoulders' pattern, potentially dropping to $1.05.

Head and Shoulders Pattern: Increased Downside Risk

Key Support: If ONDO fails to hold the $1.48 support level, the price could further retrace 30% to $1.05.

Stop Loss Condition: Only a breakout above $1.86 can break the current bearish trend.

Market Data Reveals Selling Pressure Risks

Exchange Inflows Increase: More ONDO flowing into exchanges indicates rising selling pressure, especially with net outflows from whales reaching 3.52 million in a week.

Decreased Activity: The NVT ratio and trading volume surge indicate overvaluation, while network participation and usage have significantly declined.

Oversupply: Strong market selling sentiment further exacerbates downward price pressure.

Short-Term Outlook: Can the Headwind Turn Around?

If market sentiment remains low, ONDO may seek support around $1.04. However, if a rebound is successful, it may recover the $1.70 level in the short term. Investors should closely monitor key support levels and overall market trends to adjust strategies.

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