Bitcoin, Cardano, and Ondo Finance Navigate Critical Price Levels Ahead of US CPI Data

NAIROBI (CoinChapter.com)—Bitcoin (BTC), Cardano (ADA), and Ondo Finance (ONDO) are navigating critical price levels as the broader crypto market faces increasing volatility.

Cryptocurrency prices varied on Monday, with Bitcoin (CRYPTO: BTC) holding above $94,000 as traders awaited the release of U.S. Consumer Price Index (CPI) data.

Bitcoin's price recovered from an earlier dip below $90,600 on Monday, with bullish traders opening long positions to the tune of $1.04 billion, compared to $568 million in shorts, according to data from Coinglass.

Bitcoin's recent rebound occurred at the 0.5 Fibonacci retracement level of $90,900, which aligns with the lower boundary of a parallel ascending channel on the daily chart. This zone is considered a critical accumulation area that traders have continued to defend.

However, Material Indicators co-founder Keith Alan pointed to $86,000 and $76,000 as essential support levels, coinciding with the 100-day moving average. Meanwhile, veteran trader Peter Brandt highlighted a bearish head-and-shoulders pattern that could drag prices to $69,000.

Relative Strength Index (RSI) hovered at 47, indicating neutral momentum, while the MACD line remained below the signal line, suggesting persistent bearish pressure. A sustained recovery above $96,000 could lead to a retest of the 0.618 Fibonacci level near $101,000.

Cardano's (CRYPTO: ADA) price faced a sharp 10-point correction on Monday, with the token trading at $0.91, down from an opening price of $0.99. The sell-off comes after a 17.8% rally last week, as traders locked in profits amid broader market uncertainty.

Open interest in ADA derivatives remained steady at $1.16 billion, indicating continued speculative activity despite the downturn. The key support level for ADA is $0.90, which is backed by the ascending trendline on the daily chart.

This support also aligns with the 0.382 Fibonacci retracement level, further bolstering its significance. The RSI at 49.85 indicates neutral momentum, while the Chaikin Oscillator at 51.98 reflects a balance between buyers and sellers.

Rising inflation fears, fueled by strong U.S. jobs data, weighed on ADA's short-term outlook. However, hopes for crypto-friendly tax reforms are keeping long-term traders engaged.

For ADA to regain its bullish momentum, it must clear immediate resistance near $0.97, with the next key level at $1.24.

Ondo Finance's (CRYPTO: ONDO) ONDO token traded at $1.17 on Monday, down 4% in a day and 15% this month. A massive token unlock on Jan. 18 will release 1.94 billion tokens, valued at $2.13 billion, posing risks of increased volatility.

This unlock, set to occur over seven minutes, will add an amount that is over 130% of ONDO's circulating supply and dwarfs its daily trading volume. The price is seen consolidating in a descending triangle formation on the daily timeframe, with a bearish implication.

The price is seen consolidating near $1.10 support, forming a descending triangle—a bearish indicator. Key resistance lies at the 1.35 Fibonacci retracement level on the daily chart.

Analyst Ali Martinez predicts ONDO could recover to $1.49 by mid-January if market conditions improve. However, past large token unlocks often lead to increased selling pressure, leaving ONDO's outlook after the event uncertain.