ONDO Faces Critical Test at $0.80 Support as Price Drops 12%

Ondo Finance (ONDO) has lost 12% of its value this week, breaking below a key ascending broadening wedge pattern and falling through the $0.90 support level. The token briefly hit $0.78 before bouncing back to $0.85, leaving traders uncertain about whether the $0.80 support will hold.

Technical indicators suggest bearish momentum. The RSI sits at 40, below the neutral threshold, while the price remains under the EMA 20. Although the MACD shows early signs of weakening bearish pressure, ONDO must reclaim $0.90—which aligns with the EMA 20—to signal a potential turnaround.

The $0.80 level is historically significant, having supported price action during the early stages of the uptrend in mid-April. Market watchers are now monitoring for either a decisive breakout above $0.90, which could target $1.00, or a failure at current levels that may lead to further declines.