"Bullish Collapse!!! Can ONDO Hold the Last Line of Defense?"

ONDO is at the center of the market storm, having sharply retreated to $1.51 since hitting a local high of $2.1 a week ago, reflecting a weekly decline of 19.7%, and a drop of 9.55% in the past 24 hours. Technical analysis shows that ONDO is forming a head and shoulders pattern, and if the closing price falls below the critical support level of $1.48, it may trigger further price correction, with a potential target down to $1.05, indicating a potential drop of 30%.

On-chain data shows that the bearish sentiment is backed by a surge in exchange inflows, with large holders net withdrawing 3.52 million ONDO in the past week, leading to an oversupply that has increased selling pressure. Additionally, the rising NVT ratio, decreasing active addresses, and low network utilization all indicate a declining market participation and confidence in ONDO.

However, if ONDO can hold above the key support range of $1.86, there may be a chance to reverse the downward trend, with a short-term target potentially looking above $1.7. Amid the tug-of-war between bulls and bears, ONDO's future direction is worth close attention. Want to stay updated on the dynamics of the crypto market? Remember to follow Mr. Qiu; together we face opportunities and risks!

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