Ondo Finance (ONDO) Token Price Prediction: Despite Strong Fundamentals, Technical Indicators Hint at Potential Downtrend

The Ondo Finance token has strong fundamentals, and the token's fully diluted market cap (FDMC) is $9.897B. The initial FDMC of the crypto was $550.0M

The Ondo Finance (ONDO/USD) token price has shown a steep decline of 35% since the beginning of June 2024. This decline is being observed from the higher levels of $1.4840, with a crucial trendline support breaking down at press time.

The price of the ONDO token has been declining after a long uptrend, which resulted in the formation of a rising wedge pattern on the chart. A breakout from this pattern usually leads to a steep decline in the crypto price.

Rising Wedge Pattern in ONDO Crypto Price Chart Source: TradingView

The price of the ONDO token was trading in an uptrend for a long time, which led to the formation of a rising wedge pattern on the chart. Later, at the beginning of June 2024, a profit booking started. This led to a decline of 35% in the trading price of the token.

The token’s price declined below the rising wedge pattern at press time. If the token’s price further rebounds to the level of $1.3 and sustains above the same, a surge in the crypto price might be witnessed in the future.

ONDO/USD Chart by TradingView

The 20-day and 50-day EMAs on the chart have formed a death cross, which is usually followed by a downtrend in the price of the crypto. The token’s price also declined below the 20-day, 50-day, and 100-day EMAs, which further indicates a downtrend in price.

A super trend also gave a bearish signal on the charts, which is usually followed by a downtrend in the price of the crypto. The MACD metrics on the chart are also trading in a bearish cross, which is also followed by a downtrend in the price of the crypto.

The RSI also slid below the 50-level and the 14-day SMA by closing below the same, which further indicates a weakness in the momentum of the token price.

ONDO Token Price Might Decline Further in the Future

The ONDO token price is trading below crucial levels, which might lead to a steeper decline in the future.

The price of the ONDO token has shown a steep decline from the higher levels, despite strong fundamentals and a bullish sentiment. The technical indicators, including a death crossover, bearish signals, and a downtrend in the price of the crypto, suggest a potential continued weakness in the token’s price.

The support levels for the ONDO token price are $0.730 and $0.8530, followed by the resistances of $1.280 and $1.50.

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