ONDO Tests Critical Support Amid Oversold Signals, Eyes $0.53 Target as 21Shares Files Spot ETF
Ondo (ONDO) is testing a critical support zone between $0.24 and $0.26 after forming a descending channel from its highs of $1.10-$1.15. The compression of candles at this level suggests seller exhaustion, with analysts noting minimal downside risk unless $0.24 breaks decisively.
Technical indicators flash oversold signals, with the weekly RSI at 27.29 and the MACD showing strong bearish momentum. However, the holding of support increases the potential for a relief rally toward $0.40, with a full upside target of $0.52-$0.53.
In a landmark development for real-world asset (RWA) tokens, 21Shares has filed for a spot Ondo ETF with the SEC—marking one of the first such filings for an RWA platform token. This institutional interest could provide fundamental support alongside technical factors.
