- ONDO is up 7% in the last 24 hours
- ADX down from 40.5 to 31.3, but still above 25
- +DI has risen to 10.5, while -DI has declined from 34.3 to 26.3
- CMF has risen to -0.13 but remains negative
- There are still a few key resistance levels ahead
- If ONDO breaks $0.90, it could open the way to $0.99
ONDO is up 7% in the last 24 hours, trying to move up after a big 38% drop over the last month. Many indicators are quite optimistic like ADX is down from 40.5 to 31.3. Meanwhile, +DI is up to 10.5, and -DI is down from 34.3 to 26.3, indicating less seller pressure. Also, CMF rose to 0.07 after a recent low of -0.32 but later came back to -0.13, indicating a lack of buying pressure.
If ONDO breaks $0.90, it could open the way to $0.99, but still, the key resistance lines are just ahead, and if the sellers’ pressure prevails, we could also see a drop to $0.73, with the risk of a drop to $0.70.
More About ONDO’s 7% Rise and the Potential for Further Ups and Downs
So, ONDO has experienced a notable 38% decline over the past month, dropping its capitalization from $3B to $2.62B. However, we have seen gains of a notable 7% over the past 24 hours, with optimistic indicators that could portend a reversal.
Specifically, we can see the ADX dropping from 40.5 to 31.3, suggesting a weakening downtrend. Still, it is above 25, so the indicator is optimistic, but the downtrend is still in force.
The situation is similar for the DI indexes, in particular, +DI rose to 10.5, indicating increasing buyers’ pressure, while sellers’ pressure fell from 34.3 to 26.3. Generally speaking, these are also optimistic indicators, but the buying pressure is still not enough and the selling pressure is still prevailing.
Also, ONDO needs more capital inflows for this reversal, and although it rose from -0.32 to 0.07 recently, it later fell to -0.13. As long as it is below 0 we are beyond the neutral phase and accumulation is not enough to fuel a potential reversal.
Conclusion
Was this a temporary rebound or the beginning of a reversal? It is not yet clear, but we can see optimistic indicators and it is worth looking very closely going forward.
If it turns out to be a reversal rather than a bounce, it will probably not be as fast as some expected this morning and may not take place. Learn why Ondo can be a very promising asset and how to approach the best strategies for your day trades.
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