"Bullish Collapse!!! Can ONDO Hold the Last Line of Defense?"
ONDO is at the center of the market storm, having significantly retraced to $1.51 since hitting a local high of $2.1 a week ago, with a weekly decline of 19.7% and a drop of 9.55% in the past 24 hours. Technical analysis indicates that ONDO is forming a head and shoulders pattern, and if the closing price falls below the key support level of $1.48, it could trigger further price corrections, potentially targeting a drop to $1.05, which implies a potential decline 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 excess supply that has caused increased selling pressure. Additionally, the NVT ratio is rising, the number of active addresses is decreasing, and the network utilization is sluggish, all indicating a decline in 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 downtrend, 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 crypto market dynamics? Remember to follow Mr. Qiu, as we face opportunities and risks together!
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