ONDO Ascending Channel Breakdown: Is the $0.29 Target Next?

ONDO is facing bearish pressure after breaking out of an ascending channel. Analyst Ali Martinez points to a potential slide toward the $0.29 level. Is this the bottom?

ONDO is under pressure, with analysts warning of a potential breakdown to $0.29 after breaking out of an ascending channel. Once a standout performer, the token has lost momentum as bearish sentiment takes hold.

Ascending Channel Breakdown Signals Trouble

Top analyst Ali Martinez has raised concerns about ONDO breaking out of an ascending channel to the downside. This bearish signal suggests weakening momentum and a potential test of lower demand zones.

Bulls Struggle to Maintain Support

Bulls have struggled to reclaim momentum, leaving ONDO trapped in a bearish structure. Key support levels are under pressure, making the technical structure fragile. Failure to hold these levels could accelerate the decline.

Moving Averages Act as Resistance

ONDO is trading at $0.747, unable to hold above key moving averages. The 50-day ($0.93) and 200-day ($1.00) simple moving averages now act as overhead resistance. A breakdown below $0.70 could trigger a fall to the $0.60–$0.50 range.

Analyst Still Bullish Despite Downtrend

Despite the bearish signals, some analysts remain optimistic. Crypto analyst CryptoED maintains a long-term target of $3, citing strong support found around $0.63. However, breaking the resistance zone between $0.75 and $0.77 is crucial for any potential rally.

Mixed Signals and Key Levels to Watch

While the Stochastic RSI indicates overbought conditions, the regular RSI remains below 50, suggesting the market hasn't fully flipped bullish. Key levels to watch include breaking above $0.77 for a push towards $0.85–$0.87, and holding above $0.72 to avoid retesting support at $0.67 or $0.63.

The Bottom Line

The market is waiting for a clear breakout to confirm the next leg up. While some are pointing to a $0.29 target if current supports fail, others believe ONDO still has the potential to reach $3. Only time will tell if the bulls can regain control!