ONDO Price Drifts from All-Time High, Profit-Taking Increases
beincrypto.com 11 July 2024 19:00, UTC The ONDO price made a minor recovery after falling below $1.00, but this may not be sustained since the investors are taking a different route.
Instead of supporting the recovery, the investors are moving towards securing whatever profits they are noting at the moment.
ONDO Investors Realize Profits
ONDO’s price recovery is facing some resistance as the Moving Average Convergence Divergence (MACD) is showing signs of waning bearishness. However, this pattern could fail for the third time within the past 30 days, primarily due to ongoing selling pressures.
The repeated inability to sustain a positive shift in the MACD indicator suggests that bearish momentum remains a significant factor influencing ONDO’s price movements.
Adding to the complexity, profit-taking activities have spiked considerably. Investors, eager to lock in gains, have been selling off their positions more aggressively. This increased selling activity has created additional downward pressure on the ONDO price, making it challenging for the altcoin to maintain a consistent upward trajectory.
As a result of these dynamics, ONDO is now highly susceptible to corrections. The persistent selling pressure, combined with profit-taking, undermines any emerging bullish trends.
Thus, while ONDO’s MACD has shown signs of decreasing bearishness, the repeated failures to sustain this shift, coupled with significant profit-taking, indicate that the altcoins remain under considerable pressure.
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Consequently, the potential of the altcoin forming a new all-time high is declining since ONDO now stands 42% away from $1.48.
ONDO Price Prediction: Reclaiming $1
ONDO price, trading at $0.99 at the time of writing, is just below the resistance of $1.07. In the past, this level, along with $1.24, formed the consolidation zone for the altcoin that it was stuck in for nearly three weeks.
Following the recent decline, the altcoin is susceptible to consolidation again. This time, the limits are $1.07 and $0.90.
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If the latter support is lost, there is a good chance that the losses could extend. ONDO price could end up falling to $0.73, invalidating the bullish-neutral thesis.
