• ONDO experiences a decline in price and a notable drop in trading volume over the last 24 hours.
• Despite recent losses, analysts predict a potential recovery and expect a market bounce for ONDO.
• Technical indicators suggest a possible rally, with target levels set for significant price movement upward.

Ondo Finance (ONDO) is currently trading at $0.7208 with a 0.73% decline over the last 24 hours. The trading volume declined by 18.18% and now stands at $123.39 million. This decline implies that the market activity has slowed down, and this shows the pressure on the token. 

Source: CoinMarketCap

In the past week, the ONDO price has fallen by 5.37%. The downward trend is affecting the market position of the token. In spite of this, analysts are optimistic about a recovery. Technical indicators are pointing at a possible bounce, and this brings some hope to the future.

ONDO Set for Potential Bounce with Key Price Targets

Crypto analyst Jonathan Carter highlighted the current developing descending triangle at ONDO. He mentions that the token may rebound against the bottom level with increasing momentum, which will point to a potential rally. Analysts suggest that ONDO may rebound greatly in case the bounce occurs.

Carter has established the target of the token at $0.875, $1.100, $1.300, $1.550, and $2.07. Such levels will indicate important price levels that might bring a significant rebound to ONDO. In case the bounce is validated, the token can move upwards to these targets.

Source: X

Moreover, another analyst, Crypto Chiefs, mentioned that ONDO is developing an inverse head and shoulders pattern. This trend indicates a possible reversal of the price. Breaking above $0.730 will affirm this trend and give a bullish indication. A successful breakout could potentially increase the price of ONDO in the near future.

Source: X

Also Read: Curve DAO Token (CRV) Consolidates Between Key Levels, Targeting $0.70 Breakout

Community Remains Bullish Despite Price Struggles

The community sentiment of ONDO is high, despite recent price struggles. Currently, 86% of the community is aggressive about the token, which demonstrates trust in its future. 14% of the community is bearish, and therefore, the majority of investors are upbeat regarding the long-term prospects of the token. This powerful community backing offers a basis for possible price restoration.

Source: CoinMarketCap

Decline in Trading Volume and Open Interest

According to CoinGlass data, trading volume is down by 22.90% to $430.88 million. However, open interest drops by 4.59% to $141.58 million. The OI-Weighted Funding rate is -0.0014%, which seems to reflect a slow market yet offers a chance of a turnaround.

Source: CoinGlass

Although cryptocurrency is experiencing short-term losses, the bullish sentiment and technical analysis are pointing to a possible bounce. Investors seek assurance of price reversal. The future of the token will be determined by whether it can break the key levels and overcome its current setbacks.

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