Investors supporting Ondo have attempted to defend the 2 USD mark, but the price may be trending down to 1.9 USD in the coming days.
In longer time frames, ONDO still maintains a bullish outlook and has the potential to rise to 3 USD.
Ondo [ONDO] has decreased by 5.44% in the last 24 hours, and its daily trading volume has dropped by 32%. Price action in shorter time frames has established the 1.9 USD area as a key support zone.
The 1-day chart shows a bullish structure, and dips down to around 1.67 USD-1.8 USD are buying opportunities.
Ondo faces the psychological challenge of 2 USD
Source: ONDO/USDT on TradingView
After a deep pullback to 1.3 USD on December 9, ONDO quickly recovered higher. Momentum and market structure are skewed bullish, evidenced by higher lows and the Awesome Oscillator indicator above 0.
A local peak at 2.146 USD has formed, and in the past 48 hours, investors supporting ONDO have been pushed back. However, the CMF at +0.16 indicates strong capital inflow into the market. This reinforces the view that the longer-term trend is bullish.
The important weekly levels to monitor are 0.5 USD and 1.48 USD, both quite far from the current market price. In the coming days, the 1.72 USD area may be revisited as a demand zone. The recovery from 1.3 USD has been used to draw a set of Fibonacci levels.
Above 2.14 USD, the next bullish targets for Ondo crypto are at 2.34 USD and 2.66 USD.
Will the liquidity below 1.8 USD pull the price toward that direction?
Source: Coinglass
The retrospective period of 2 weeks has shown three notable liquidity clusters nearby. The first two clusters are at 1.67 USD and 1.77 USD, and the third cluster is at 2.1 USD. Although the 2.11 USD level is much closer, the 1.67 USD area has more liquidity levels.
As a stronger magnetic zone, Ondo crypto may drop to the demand area of 1.7 USD in the coming days. In shorter time frames, the 1.8 USD area is also an interesting liquidity pocket where a price bounce could occur.
