ONDO Price Pulls Back After Facing Resistance at $1.16 - Temporary Cooldown or Rally Exhaustion?

ONDO's bullish momentum stalled after being rejected at the $1.16 resistance level, resulting in a 10% price drop within 24 hours. The cryptocurrency currently trades around $1.02, testing a key ascending trendline that has supported its upward movement since mid-June.

Significant liquidation zones between $1.12-$1.17 created strong resistance, as shown by the long wick rejection on daily charts. The market structure remains positive as long as prices stay above $0.90, with consolidation NEAR $1.00 potentially setting the stage for another attempt at the $1.20-$1.25 range.

This quick retracement appears to reflect normal profit-taking behavior following extended breakout moves. Traders are watching closely to determine whether this represents healthy consolidation or if buying pressure is prematurely weakening.