ONDO Tests Critical Support at $0.34 Amid Bearish Trend
ONDO's price continued its descent on January 29, shedding 2.38% to trade at $0.3313. The token's market cap dipped to $1.61 billion, while 24-hour trading volume surged 28.38% to $77.54 million. Over the past week, Ondo has declined 3.64%.
Technical analysis reveals a descending channel pattern, with $0.34 emerging as a pivotal support-resistance level. Crypto analyst CryptoBull_360 notes this price zone represents fair value, evidenced by concentrated trading activity. A sustained hold above $0.34 could signal accumulation, while failure may trigger renewed bearish momentum.
The recent breach of the descending channel resistance suggests weakening downward pressure. Market participants now watch for confirmation of either a reversal or continuation pattern.
