ONDO Token Slumps Despite RWA Milestone: A Classic Crypto Contrarian Signal?
Ondo (ONDO) continues its downward trajectory, trading NEAR $0.322 amid a 9% weekly drop. The token struggles beneath key resistance levels, with weekly charts revealing failed recovery attempts and persistent seller dominance. Market structure suggests a distribution-to-decline phase, where dynamic resistance levels hinder potential reversals.
Technical indicators reinforce the bearish outlook. Ondo trades significantly below its critical EMAs—$0.56 (20-week), $0.73 (50-week), and $0.84 (100-week)—which now act as formidable barriers. The RSI at 29.6 signals oversold conditions, yet historical trends show such readings can prolong declines in strong downtrends. This divergence between price action and Ondo’s real-world asset (RWA) TVL milestone underscores market skepticism toward short-term valuations.