Whale ONDO retreats when the price faces the risk of breaking below $0.70

ONDO is under strong selling pressure, with a decline of more than 5% in the last 24 hours and a correction of up to 19% over the past month. Although the market capitalization is around $2.5 billion, ONDO still has a significant gap compared to competitors like Chainlink and Mantra.

Technical indicators along with whale activity suggest that the weakening trend may not be over yet, even though market momentum is showing signs of slight recovery.

The RSI index of ONDO is recovering from the oversold area

The relative strength index (RSI) of ONDO is currently at 34, after a slight recovery from the previous low of 27.5. Just two days ago, the RSI was at 54.39, reflecting a rapid change in momentum in the short term.

The Relative Strength Index (RSI) of ONDO | Source: TradingViewRSI is a technical indicator that measures the speed and change of price movements over a specified period, ranging from 0 to 100. When RSI falls below 30, the asset is often considered oversold and likely to rebound. Conversely, when RSI exceeds 70, the asset may be in an overbought state, posing a risk of a downward correction.

With ONDO’s RSI currently at 34, this altcoin has exited the oversold territory but is still hovering near the low threshold. This indicates that the strongest selling pressure may have passed, yet market sentiment remains cautious.

If the RSI continues to recover and surpasses key levels such as 40 or 50, this could be a signal that the upward momentum is returning. Conversely, if the RSI drops below 30 again, the risk of weakening will increase and ONDO may face a deeper correction.

Whales have stopped accumulating

The number of ONDO whales with addresses holding between 1 million and 10 million ONDO ( has fluctuated at the end of March. Initially, this number increased from 188 to 195 during the period from March 22 to March 26, but then decreased to 191 in recent days.

![])https://img.gateio.im/social/moments-eb89e54508c530b91122144cb7b04fde(Whale quantity ONDO | Source: SantimentThe operating model of whales is very important because these large investors can significantly influence market sentiment and price volatility. Their accumulation or distribution process often signals broader market trends.

The fact that the number of whale addresses could not be maintained above 195 and then dropped to 191 may be a sign of bearish sentiment among this group of large investors.

This withdrawal may indicate that whales are taking profits or reducing their exposure to ONDO, which could create additional downward pressure in the short term.

When large investors begin to reduce their positions after a period of accumulation, this often precedes a price correction. This indicates that ONDO may struggle to maintain upward momentum until whale confidence is restored and they start accumulating again.

Could ONDO drop below $0.70 for the first time since November?

The )EMA( exponential moving averages of ONDO are currently aligning in a bearish pattern, indicating that the weakening trend may continue. If the downward momentum persists, ONDO could test the crucial support level at $0.73.

![])https://img.gateio.im/social/moments-fd294859eba89277e558f4a673ca6e7f(ONDO/USDT chart 4-hour | Source: TradingViewIf the price breaks this level, ONDO is likely to drop below $0.70 for the first time since November 2024.

This token is struggling to keep up with the growth of digital coins in the real-world asset tokenization group )RWA( such as Mantra. This weakness adds further pressure on the short-term outlook for ONDO.

However, if market sentiment changes and ONDO reverses its trend, the first important resistance level to watch is $0.82. If ONDO can surpass this level, the price may recover stronger with the next targets being $0.90 and $0.95.

If the entire RWA sector gains momentum, ONDO could even surpass the $1 mark and head towards the next important resistance level at $1.23.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

• Ondo Finance launches a tokenization platform to open on-chain access to U.S. securities.
• Ondo Finance launches the Ondo Chain blockchain, focusing on the financial market.

SN_Nour

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