The Ondo price experienced a significant drop of over 17% within the last 24 hours, trading at $0.8143 as of 2:15 a.m. EST. Despite this recent decline, the price of Ondo has shown an impressive increase of over 56% in the monthly timeframe and a remarkable surge of more than 400% over the past year.
The decrease in the Ondo price led to a breach of several key support levels, causing concern among traders. The 4-hour chart for ONDO/USDT displayed a descending price channel, indicating a challenging hurdle for Ondo to overcome for upward momentum.
If the bearish trend continues, traders fear a potential drop below the crucial support at $0.78901, potentially falling further to $0.73787 in the near term. Conversely, a break above the bearish price channel could signal a favorable entry point, leading to Ondo reclaiming the $0.85316 support level.
Technical indicators on ONDO’s 4-hour chart suggest further downward pressure. The Relative Strength Index (RSI) indicators and Moving Average Convergence Divergence (MACD) indicator both point towards a bearish trend, with sellers dominating the market and potentially driving the value of ONDO lower.
Amidst the Ondo price decline, traders may shift their focus to smaller-cap cryptocurrencies with promising growth potential. Slothana, a new Solana meme coin, has garnered significant attention, attracting over $10 million in SOL investment during its presale. The simplistic approach of Slothana, devoid of elaborate roadmaps and whitepapers, has resonated with investors, leading to a strong following and anticipation for its official launch.
The upcoming launch of Slothana aims to transition the meme coin into a significant player in the crypto market, with a targeted market cap of $420 million. Speculation surrounding centralized and decentralized exchange listings post-launch has added to the excitement surrounding Slothana's future prospects.
With a countdown timer ticking on Slothana’s website, investors are eager to capitalize on the momentum generated during the presale phase, anticipating potential gains post-launch. The availability of a buy widget on the project’s website allows investors to participate in the upcoming launch by exchanging SOL tokens for Slothana (SLOTH) tokens at a favorable rate of 1 SOL for 10,000 SLOTH tokens.
