The cryptocurrency market faces significant decline due to increased geopolitical tensions, affecting various tokens including Ethereum and ONDO.
Market Decline
Recent events, particularly the conflict between Israel and Iran, have led to a downturn in the cryptocurrency market. Ethereum (ETH) has lost over 8% in the last 32 days, reaching around $2,550. This drop has impacted many altcoins, including Ondo (ONDO).
Analysis of ONDO and Market Situation
The price of ONDO has decreased by 5% in the past week, amounting to a 19% decline over the last 30 days. However, a bullish fractal pattern is evident on the daily chart, mirroring previous trends. ONDO previously saw similar dynamics when it dipped to around $0.40-$0.45, later surging by 261%. The current setup shows equivalent candle formations and tests of moving averages, suggesting a buying opportunity.
Forecasts for ONDO
If ONDO can maintain a position above the $0.73-$0.80 range and break through the 20 and 100-day SMAs, an aggressive upside move could occur. A key level to watch is around $0.88. A breakout beyond the current downtrend line could lead to further growth towards the $1.20-$1.40 range.
While ONDO’s recent decline might appear bearish, there exists potential for growth based on the fractal model. Investors should monitor developments closely as market conditions may change.
