ONDO is facing significant downward pressure. It has dropped over 5% in the past 24 hours and adjusted more than 19% in the past 30 days. With a current market Capital of around $2.5 billion, this coin is much lower than competitors like Chainlink and Mantra in market Capital.
Recent technical indicators and whale behavior suggest that the current weakness may not have ended, despite a slight recovery in momentum.
ONDO's RSI is recovering from oversold levels
ONDO's Relative Strength Index (RSI) is currently at 34 after a slight recovery from the previous decline to 27.5. Just two days ago, the RSI was at 54.39, showing how quickly momentum can change.
RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It ranges from 0 to 100.
An index below 30 is typically considered oversold, indicating the asset may be undervalued and likely to recover, while an index above 70 is seen as overbought, suggesting a potential correction.
ONDO RSI. Source: TradingView.With ONDO's RSI currently at 34, it has escaped the oversold zone but remains near the low end of the scale. This suggests that while the strongest selling pressure may have diminished, the market remains fragile and sentiment is cautious.
If the RSI continues to recover and breaks above 40 or 50, it could signal a shift towards stronger upward momentum.
However, if selling continues and the RSI drops below 30, it would indicate new downside risks and the potential for further decline.
Whales have recently stopped accumulating
The number of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated at the end of March, initially increasing from 188 to 195 from 03/22 to 03/26 before dropping to 191 in recent days.
This whale activity pattern is crucial because these large holders often influence market sentiment and price volatility, with their accumulation or distribution phases potentially foreshadowing broader market trends.
Tracking whale addresses provides valuable insights into how influential investors are positioning themselves, which can help predict potential price actions.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.The whale addresses' failure to maintain the breakthrough above 195 and subsequent return to 191 may signal declining sentiment among large investors.
This retreat could indicate that whales are taking profits or reducing exposure, which might create downward price pressure on ONDO in the short term.
When large investors begin to reduce their positions after an accumulation phase, this often precedes price corrections, suggesting that ONDO may face resistance in maintaining upward momentum until whale confidence returns and accumulation continues.
Will ONDO drop below $0.70 for the first time since November?
ONDO's Exponential Moving Averages (EMA) are currently arranged in a downward pattern, indicating the current downtrend may continue. If this weakness persists, ONDO could drop to test the important support level at $0.73.
A break below that would be significant, potentially pushing the price below $0.70 for the first time since November 2024.
The Token is struggling to keep up with other Real World Asset (RWA) coins like Mantra, and this underperformance adds further pressure to ONDO's short-term prospects.
ONDO Price Analysis. Source: TradingView.However, if sentiment changes and ONDO can reverse the trend, the first important level to watch is resistance at $0.82.
A breakout above this level could trigger a broader recovery, with price targets at $0.90 and $0.95.
If the RWA sector generally regains momentum, ONDO might even surpass the $1 mark and aim for the next major resistance at $1.23.
