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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

ONDO Breaks Out Of Ascending Channel – Analyst Sets $0.29 Target

Sebastian Villafuerte
Sebastian Villafuerte
3 months ago
3 mins read
ONDO Breaks Out Of Ascending Channel – Analyst Sets $0.29 Target

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ONDO is under pressure after a sharp 33% decline from its May highs, reflecting growing uncertainty and bearish momentum across the market. Once a standout performer, the token has lost steam as sentiment shifts and price action turns decisively negative. While some traders are still watching for potential rebounds, many analysts are now calling for a breakdown, warning that the current structure could give way to deeper losses if key support levels fail to hold.

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The mood around ONDO remains divided. Some investors view the dip as a healthy retrace in a broader uptrend, while others see it as the start of a more extended correction. Top analyst Ali Martinez has added to the cautious outlook, noting that ONDO is breaking out of an ascending channel to the downside—an often bearish signal. This pattern suggests that momentum is weakening and that the token could soon test lower demand zones.

With ONDO hovering near key technical levels and volume thinning, the coming days will be critical. If the breakdown continues, the price could revisit earlier consolidation areas. For now, bearish pressure dominates, and bulls must defend support convincingly to prevent further downside.

Bulls Struggle To Hold Structure As Risks Grow

As the broader altcoin market braces for a decisive move, ONDO remains trapped in a bearish structure, unable to establish clear demand. Bulls have struggled to reclaim momentum or push price above critical supply zones needed to maintain the long-term uptrend. With sellers dominating and key support levels under pressure, ONDO’s technical structure appears fragile.

Despite recent weakness, some market participants remain cautiously optimistic about ONDO’s longer-term potential. Macro narratives around real-world asset tokenization continue to support fundamental interest, but short-term price action remains a challenge. The inability to hold above prior consolidation ranges suggests that buyers are not yet stepping in with enough conviction to flip the trend.

Ali Martinez has raised alarms by highlighting a concerning technical development: ONDO is breaking out of an ascending channel—this time to the downside. Historically, this pattern signals a shift in market structure and sets the stage for more aggressive downside moves. Martinez’s outlook points to a potential slide toward the $0.29 level, which would mark a significant breakdown from current prices.

ONDO losing demand levels | Source: Ali Martinez on X
Price losing key support levels | Source: Ali Martinez on X

For now, ONDO trades in a vulnerable position. If bulls fail to reclaim higher levels and restore momentum, the altcoin risks accelerating its decline. However, if sentiment shifts and broader market strength returns, ONDO could still recover in the coming months.

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ONDO Breaks Below Moving Averages As Bearish Momentum Builds

ONDO is trading at $0.747 after failing to hold above key moving averages, with both the 50-day ($0.93) and 200-day ($1.00) simple moving averages now acting as overhead resistance. The current price structure on the 3-day chart shows a consistent downtrend, with lower highs and lower lows forming since the March peak. Price has now broken below the prior consolidation zone, signaling growing bearish momentum.

ONDO testing critical demand level | Source: ONDOUSDT chart on TradingView
ONDO testing critical demand level | Source: ONDOUSDT chart on TradingView

The rejection from the $1.00 psychological level earlier this quarter added to downward pressure, and the break of the $0.80 level confirms that bulls are losing control of short-term structure. If ONDO continues to trade below both moving averages, it may struggle to find solid demand in the near term.

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Key historical resistance remains at $1.51, but with ONDO currently 50% below that level and forming a bearish structure, downside risk continues to dominate. A breakdown below $0.70 could accelerate the fall, potentially targeting the $0.60–$0.50 range where previous demand clusters formed in late 2023.

For bulls to regain momentum, ONDO must reclaim the 50-day SMA and close above $0.85. Until then, the chart favors the bears, and the trend suggests caution for long positions.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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