ONDO Tests Key $1 Support Level as Profit-Taking and Weak Demand Emerge

BTCC / BTCC Square / Global Cryptocurrency /

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2025-05-16 07:17:16

ONDO News -

Ondo (ONDO) has been gradually trending upward, with its price testing the $1 support level at press time. The token recently broke out of a descending channel in April, establishing a pattern of higher lows and higher highs over the past month. However, the rally has been accompanied by profit-taking and lackluster demand, raising concerns among investors.

The Chaikin Money Flow (CMF) indicator has remained stubbornly below the +0.05 threshold, signaling persistent capital outflows. Trading volume has also been relatively low since the channel breakout, further underscoring weak market participation. Meanwhile, the MVRV Z-score—a measure of whether the asset is overvalued or undervalued—plunged to levels last seen in late 2024, suggesting ONDO may be approaching a potential turning point.

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