ONDO Price Struggles at Key Demand Zone: Will Bulls Step In or Will Support Fail?

ONDO's price movement has drawn attention as it faces a key demand zone, raising questions about whether bullish momentum will return or if the asset is poised for further decline.

ONDO, the cryptocurrency, has been struggling at a key demand zone as analysts await a decisive move by the bulls to prevent further downside.

ONDO dropped significantly and is now trading within a high time frame demand zone, according to crypto expert Sjuul, also known as SjuulM on X (formerly Twitter).

The tweet highlights two possibilities:

* A reclaim of $1.06 may confirm strength for the bulls.

* Failure to hold support at $0.85 might result in another leg down.

Chart Analysis: Is ONDO Poised For Recovery Or Further Downfall?

The chart analysis shows that ONDO has been trending downwards, forming lower highs and lower lows after a strong previous uptrend. This pattern suggests a bearish market structure, with sellers having the upper hand.

After reaching a local high, the price reversed sharply, leading to a correction that has now brought it into a key demand area. However, despite this positioning, the direction is still uncertain as traders await a breakout or further downside.

To determine bullish strength, Ondo price must reclaim the $1.06 level. But if this support breaks, it could open the way for more selling pressure and push the price toward $0.85 or lower.

Two Key Levels To Watch

Two primary levels are shaping ONDO’s price action. Resistance at $1.06 is critical for bulls, as a successful reclaim could mark the beginning of a recovery. A break and hold above this level may shift market sentiment and drive ONDO higher.

On the downside, $0.85 is a strong support point, where the buyers are likely to come in. If this level breaks down, more selling will occur, continuing the downtrend.

Price action currently is showing that the market is at a decision point, where the traders are nervously observing these levels to confirm the direction of the next move.

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Market Sentiment And Trading Strategies

The sentiment on ONDO is still mixed, with no clear direction. The tweet has a neutral bias, focusing on traders waiting for a confirmed breakdown or breakout.

A move back to $1.06 would show a possible bullish reversal, while a drop of $0.85 could create additional selling pressure.

With the uncertainty, most traders are opting to remain on the sidelines until a clear move has been established.

ONDO’s price is at a turning point, and the traders are watching key levels to determine its direction. The battle between bulls and bears continues, with the $1.06 and $0.85 being the areas of focus. Traders are on tenterhooks, waiting for confirmation before taking their next move.