It is disappointing news for Ondo investors as the altcoin failed in its latest attempt to escape the $1 price level.
It crashed 12% to become the worst performer of the top 100 cryptos of the last 24 hours.
The last five days have led to massive price fluctuations for the ONDO token.
It started by crashing in line with the rest of the market’s reaction to Trump’s tariffs on Canada and Mexico.
And when some of those tariffs were paused for 30 days, ONDO joined the rest of the market in rallying by double-digit percentages, even breaking above the key psychological barrier of $1.2.
The coin is now poised to end the week trading in the red after crashing by more than 12%, wiping out the weekly gains and threatening to dip below $1.
Interestingly, ONDO’s depressing price action comes against the backdrop of multiple bullish news.
Bullish News Impacting Ondo Finance
At the start of the week, it emerged that Ondo Finance TVL had crossed the $1 Billion market making it the largest Real World Asset (RWA) platform.
Barely two weeks before hitting this milestone, Ondo had attracted massive investor interest helped it reach $1.47 when it launched a layer 1 blockchain platform and partnered with Trump-affiliated WLF.
Before that, ONDO was also the subject of the news after a $187 Million partnership with Ripple Ledger.
In an ideal market, such an escalation of positive news would have consistently fired up its continued uptrending price action.
But there is nothing ideal about the current crypto market.
The many negative macros that have stifled the bullish momentum any of these positive developments would have had on ONDO’s price action.
These have been so powerful that they have stifled the impact that Trump’s signing of the crypto reserve executive order and the first white house crypto summit would have had on the market.
Will ONDO Rebound?
From a technical perspective, the ONDO/USDT daily chart shows the price trading around $1.0248, with key support at $0.9497 and a stronger support level at $0.8000, while resistance levels stand at $1.3020 and $1.6413.
The RSI at 43.59 indicates weak momentum, suggesting that ONDO’s price action may remain sideways or slightly bearish in the short term.
However, the MACD, though still in negative territory, is curving upwards, hinting at a potential bullish confirmation if it crosses above the signal line. If the price holds above $0.9497 and breaks $1.3020, a bullish reversal could be confirmed, targeting higher resistance levels. Conversely, failure to hold support could cause ONDO to drop toward $0.8000 before any recovery attempt.
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