The cryptocurrency ONDO has recently experienced a correction, falling 9% and nearing an important support zone at $0.83, which could signal a potential reversal.
Analysis of ONDO's Decline
Following a strong rally, the price of ONDO has entered a corrective phase and is currently trading below the significant value area, moving towards critical support at $0.83.
Key Support and Resistance Levels
The $0.83 zone is critical for buyers as it aligns with multiple technical levels, including the point of control, the 0.618 Fibonacci retracement, and the channel low. Holding this level may lead to a reversal.
Price Movement Expectations for ONDO
If demand is confirmed at the $0.83 level, the likelihood of a reversal will increase significantly. A reclaim of the low value area will provide additional confirmation and possibly lead to a breakout toward previous resistance levels.
The situation in the ONDO market highlights the importance of the support level, which may become crucial for future price fluctuations. Traders should closely monitor volume to identify potential reversal signals.
