Ondo Finance (ONDO) Slides 3% as Selling Pressure Tests Key $0.256 Support
Ondo Finance (ONDO) is currently facing a challenge, as observed through the trading activity on the 4th of February, where the stock is still under selling pressure. The investors are looking at the level of support, and as per the analysis, if the level of support is breached, the stock may dip further.
At the time of writing, Ondo Finance is trading at $0.2712 with a 24-hour trading volume of $187.21 million and a market capitalization of $1.33 billion, according to CoinMarketCap. Ondo Finance has declined by 3.8% in the last 24 hours, indicating sell pressure on the token.
Ondo Finance Faces Short-Term Pressure
A well-known crypto analyst, CryptoPulse, announced on February 4 in a tweet that “the price action on ONDO is creating a wedge on the 3hr chart following a decline.
The price is currently in the middle and could rise further up and test the resistance. We are watching it for potential shorts. If it breaks below these levels, it could fall further down towards $0.256.
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Ondo Finance Faces Fundamental Risks
Meanwhile, another analyst, Rendoshi, pointed out fundamental concerns regarding the token, saying that ONDO does not have a use case or any means of value growth. “Investing in the token is, in effect, a bet on its potential to increase in utility over time.
Although there is potential for growth, the risks are still high, so it is necessary to monitor them closely,” Rendoshi said in a tweet on February 4.
The technical vulnerability and fundamental uncertainty create a combination that makes ONDO an interesting coin to keep an eye on in the short term. Investors need to be watching the critical resistance levels at $0.28 and support levels at $0.256, as this is what could be important for the next big move in the market.
Investors need to be watching ONDO’s support levels, as a drop could cause investors to lose money quickly.
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