ONDO drops 6% as the bearish trend continues: view the forecast

crypthub

about 18 hours ago

Market Context

Bitcoin, Ethereum and Ripple are down as the crypto rally stalls, and ONDO is among the worst of the top‑100 tokens. The coin dropped 6 % in 24 hours and now heads toward the $0.2400 support. Market sentiment is strained by uncertainty over the US‑Iran cease‑fire deal.

Derivatives Pressure

Derivatives show heavy long liquidations, with CoinGlass reporting $99,730 liquidated in the past day, $93,410 of which were longs. Open interest fell about 5 % to $86 million, indicating reduced retail activity. The funding rate turned negative (-0.0007 %) and the long‑short ratio slid to 0.9342, confirming a bearish tilt.

Technical Outlook

ONDO trades below its 50‑day EMA at $0.2700, while the 100‑day ($0.3186) and 200‑day ($0.4420) EMAs sit well above price, forming a downtrend. RSI is 48 and MACD remains negative, pointing to continued weakness. A sustained sell‑off could retest the Feb 9 low of $0.2405 or the Feb 6 low of $0.2018, with a break under $0.2000 heightening risk.