• ONDO experiences a decline in price and trading volume, indicating a weaker presence in the market.
• After consolidation, the coin enters an accumulation phase, hinting at a possible breakout toward the $4 range.
• RSI at 39.23 signals oversold conditions, while MACD divergence adds to the uncertainty in ONDO’s short-term outlook.

Ondo (ONDO) is currently trading at $0.7668, which indicates a 2.29% decline over the last 24 hours. The trading volume of the coin has decreased by 18.21% as it now stands at $169.92 million. This decrease is an indication of a weaker presence in the market. In the previous week, ONDO has lost its price by 14.29%, further alarming the investors.

Source: CoinMarketCap

ONDO Forms Accumulation Base for Potential Surge

Crypto analyst Elite Crypto highlighted that ONDO is currently in his accumulation, and that comes after a long period of consolidation in the 0.72 support area. It is forming a rounded base like the past cycles before serious breakouts. This arrangement indicates that the token may be approaching bottom-out stages. Should this trend continue, cryptocurrency might be poised to surge to a steep upwards trend, which may even hit $4.

Source: X

The $0.72 convergence resembles the historical trends that have followed monumental rallies. Any sign that the coin will come out of this phase is being closely followed by analysts. This breakout is not certain, but as soon as the accumulation is exceeded, cryptocurrency will be able to gain significantly.

Decline in Open Interest and Volume Signals Caution

According to CoinGlass data, the open interest has dropped to 5.72% and stands at $202.80 million. The trading volume has also gone down by 22.98% to $542.88 million. The OI-Weighted Funding Rate is -0.0050%. These indicators demonstrate that the market participants are wary, and they are observing every sign of market stability before acting decisively.

Source: CoinGlass

Also Read: XRP (XRP) Poised for Another Rally? Traders Eye October Performance

RSI and MACD Signal Weak Momentum for ONDO

ONDO has a Relative Strength Index (RSI) of 39.23, which indicates that the coin is slightly on the verge of being oversold. The MACD indicates negative divergence, with the MACD line at -0.0099 and the signal line being at -0.0383. This indicates the sluggish trend and adds to the uncertainty of the short-term perspective of ONDO.

Source: TradingView

Bullish Sentiment Remains Strong Despite Recent Declines

The community feeling is quite optimistic, as 86% of respondents believe in the future of ONDO. There is a lot of belief that the coin is on the way out of a breakout phase, previous challenges notwithstanding. Investors are hoping that it will recover, and it has the potential of growing.

Source: CoinMarketCap

Nevertheless, 14% of the community is bearish. These participants fear the drop in price and the decline in the volume of trading. These participants expect to incur larger losses before ONDO can show any signs of improvement.

Also Read: Avalanche Price Forecast: AVAX Eyes $50 as Accumulation Builds Up