The Ondo (ONDO) price has tried to break its recent all-time high but has failed to do so, and now prices are approaching major support levels.
Ondoprice is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80. If the daily candlestick closes below the $0.61 level, the bullish thesis will be invalidated. The Ondo price has tried to break its recent all-time high but has failed to do so, and now prices are approaching major support levels.
-hour chart The Total Value Locked for all yield-bearing products offered by Ondo Finance has exceeded $435M, positioning Ondo Finance as the leading provider of tokenized US Treasuries. chart Based on IntoTheBlock's In/Out of the Money Map , nearly 6,400 addresses accumulated 656 million ONDO tokens. These addresses bought the RWA token between $0.82 and $0.88, which makes it a key support zone. These investors will likely add more to their holdings if the price retraces. Interestingly, the $0.83 to $0.80 zone mentioned from a technical analysis perspective coincides with the IOMAP findings, making this zone a key reversal zone to watch.
According to the Santiment’s Market Value to Realized Value Z score indicator, ONDO is undervalued. The MVRV Z score is an on-chain metric used to assess the underlying asset's fair value andit does so by measuringthe deviation between the coin’s market and realized value. The Z score displays deviations from the asset's typical MVRV. It aids in determining when an asset's valuation is abnormally high or low. As seen in the above graph, the Z score is currently at 0.
score Despite strong onchain data, Ondo's price has failed to overcome the ATH of $1.04 and rally. But if the crypto market outlook turns bearish, pushing ONDO lower could lead to complications. If the Ondo price produces a daily candlestick close below $0.61, it would breach a key horizontal support level and create a lower low. This development would cause the market structure to flip bearish and likely attract panicking investors to sell their holdings, invalidating the bullish thesis.
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