ONDO Tests $1 Support Amid Weak Volume Signals
Key Takeaways
ONDO is currently trading around the critical 1 US dollar mark. This zone serves as potential support and could determine the token’s short-term direction. Despite an upward trend since March, key indicators such as trading volume and capital inflows show signs of weakness. Short-term profit-taking and low demand raise questions about the sustainability of the rally.
ONDO breaks downward trend – but with caution
In April, ONDO broke out of a downward trend channel. Since then, the price has been forming higher lows and higher highs – a classic sign of an uptrend. However, this rise is not accompanied by strong capital inflows. The Chaikin Money Flow (CMF), an indicator of capital movement, is below -0.05. This points to net outflows – a warning signal for investors.
Market behaviour suggests bottom formation
Another technical indicator, the MVRV Z-Score (Market Value to Realized Value), shows whether a token is over- or undervalued. In March and April, this value dropped to levels last seen in fall 2024. This suggests that ONDO may have reached a local low during this phase – potentially marking the beginning of the current uptrend.
Profit-taking despite price increase
On May 9, ONDO’s Spent Output Profit Ratio (SOPR) reached a value of 1.53. This value is derived from the ratio of selling price to purchase price and measures the profitability of transactions. The SOPR increase coincided with a 27% price rise – from 0.86 to 1.10 US dollars. Shortly after, the SOPR dropped back to 1.01. This indicates that many investors took profits during the rally, increasing selling pressure.
Long-term holders remain passive
Data on dormant circulation – the movement of inactive coins – has shown little change over the past three weeks. This means long-term investors are holding their positions. Short-term price action is therefore mainly driven by short-term traders. The mean coin age has also been rising since mid-March, indicating growing willingness to hold. However, a brief dip on May 8 suggests some profit-taking.
What does the 1-dollar mark mean for ONDO?
The zone around 1 US dollar currently acts as a critical support level. If the price falls below it, short-term investor confidence could wane. If the level holds, a continuation of the uptrend is conceivable – provided that trading volume increases and capital inflows improve.
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Our Assessment
ONDO shows technical signs of bottoming out and the beginning of an uptrend. However, the lack of market breadth – i.e., low demand and capital inflows – calls for caution. Short-term traders are taking profits, while long-term holders remain on the sidelines. The 1-dollar mark is crucial for further developments. Anyone invested in ONDO or considering an investment should closely monitor price action around this level and watch for rising trading volume.
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