ONDO had a strong run toward $0.42 but the move lost steam. The price has now dropped toward $0.34 and this is where things get more interesting.
The bigger range has been sitting between $0.305 and $0.42 for months. That makes the lower part of this range important. If buyers step in around $0.305 to $0.320 then ONDO could have room to move back toward $0.42.
But there is a problem.
Open Interest dropped from around $122 million to $112 million in just one day. Spot buying also became weaker. Funding turned negative for a while. These are not signs of strong short term demand.
The daily chart also does not look fully bullish yet. RSI is around 46 which means momentum is sitting near the middle. CMF is still positive though. That tells me money is still moving into ONDO even while price is under pressure.
This is why I would not chase the move here.
For me the key area is $0.305 to $0.320. If ONDO reaches that zone and buyers defend it then the range setup becomes interesting again. A move back above $0.364 would also be a better sign that buyers are getting control.
The bigger warning comes below $0.30.
If that level breaks and price stays below it then the range setup starts to fail. In that case the market could be showing that the recent weakness is more than just a normal pullback.
Right now ONDO is sitting between two very clear outcomes.
Hold the lower range and buyers may get another shot at $0.42.
Lose $0.30 and the whole setup changes.
That is the level I would be watching.
