ONDO Price fell by 12% this week and his uptrend structure with a lower high and then a deep lower low point. Can the critical level of support of $ 0.80 continue breakdwoman?
ONDO Finance (ONDO) price recently broke its uptrend structure, formed a lower high and then broken under the lower trend line of a rising wig pattern, resulting in a lower layer at $ 0.78. That pullback also cut through the key horizontal support zone for $ 0.90.
Buyers approached the $ 0.78 swing low, so that a recovery drove that the price at the time of the press pushed back to $ 0.85. Nevertheless, ONDO remains far below EMA 20 and the most important level of $ 0.90 still has to reclaim to indicate a potential shift in Momentum.
The current support at $ 0.80 seems strong, because the price here was previously supported-on pullback after the first higher High in mid-April, when the Uptrend had just started. Momentum, however, is weak – RSI is at 40, below the neutral 50 level and below the progressive average, which indicates a lack of bullish strength. On the MacD there are early signs that Bearish Momentum can fade, indicated by shrinking red histogram staves.
Looking ahead, ONDO price must first reclaim the most important level to $ 0.90, which also matches the EMA 20. A strong movement above this level, supported by follow-through and solid volume, can open the door for a retest of the $ 1.00-the recent lower high.
In order to fully reclaim the previous bullish structure, the ONDO price should also break above the most recent peak at $ 1.10. On the other hand, a breakdown under the most important support for $ 0.80 can possibly send ONDO to the next major support around $ 0.70.
On the fundamental side, ONDO Finance recently met the US Securities and Exchange Commission. In that meeting, which took place at the end of April, the company’s leadership team added to legal representatives of Davis Polk & Wardwell to discuss how traditional financial regulations can apply to Tokenized effects. They also proposed possible sandbox initiatives or regulatory exemptions to encourage innovation and at the same time protect investors.
