Ondo price has plunged by more than 17% in the past 24 hours, with each ONDO trading at $0.8143 as of 2:15 a.m. ET. Despite the recent pullback, Ondo price is still up by more than 56% on the monthly timeframe, and the altcoin has gained more than 400% in the past year.
Ondo price loses multiple support levels
ONDO/USDT 4-hour chart (Source: TradingView)
In the past 24 hours, Ondo price fell below the $0.91371 support level, which triggered panic selling among traders. This bearish pressure forced the value of this altcoin to fall below the subsequent support level of $0.85316.
With a descending price channel forming on the 4-hour chart, ONDO now faces a significant hurdle to overcome if it wants to climb back up.
If traders continue to push Ondo prices lower over the next 24 hours, the cryptocurrency could be at risk of losing the critical support of $0.78901 and could then plummet further to $0.73787 in the near term.
On the other hand, a breakout of the bearish price channel could be considered as a long entry signal. Potential buying pressure could lead ONDO to recapture the $0.85316 support.
If ONDO can sustainably hold above this threshold, it will gain the basis for continued gains and traders may push the value of this altcoin above the recently surpassed $0.91371 mark in the next 48 hours. If the buying pressure continues to increase, ONDO may rise to $0.98294.
Bear market may continue to push Ondo prices down
Technical indicators on ONDO’s 4-hour chart warn that the price of Ondo is at risk of further decline. Sellers have the upper hand in their battle against buyers, as shown by the Relative Strength Index (RSI) indicator.
The RSI indicator has crossed above its Simple Moving Average (SMA) on the 4-hour chart and is moving away from the latter. This suggests that the bears are strengthening and may continue to drag the value of ONDO down.
Meanwhile, the Moving Average Convergence/Divergence indicator (MACD) triggered a major bearish technical flag. In the past 24 hours, the MACD line crossed above the MACD signal line.
Traders often view this particular technical phenomenon as a sign that the cryptocurrency is entering a bearish trend. Given that this crossover occurred on the 4-hour chart, it could indicate a short-term cycle that could last for a few days.
As Ondo’s price drops, traders and investors may turn to smaller cryptocurrencies with greater potential for market cap growth. New Solana meme coin Slothana (SLOTH) could be a big beneficiary of this potential shift in attention, as it has been less than two weeks since its official launch.
Traders sent over $10 million in SOL to this presale
Slothana is the latest cryptocurrency to enter the vibrant Solana memecoin ecosystem. The team’s decision not to include a complex roadmap and technical whitepaper appears to have paid off as traders sent over $10 million in SOL to the cryptocurrency’s presale in less than two weeks.
The investment frenzy surrounding the SOL meme coin over the past few weeks has also enabled the sloth-themed cryptocurrency to build a loyal following in a relatively short period of time. Now, the Slothana team is looking to keep this positive momentum going with the upcoming launch of the token.
Hold on to your branches, loyal Slothana supporters! We're gearing up for some big news: the official launch date is coming soon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will be appearing on our website soon. Let's go crazy for Slothana...
— Slothana (@SlothanaCoin)
April 14, 2024
Slothana’s token launch is scheduled to take place in less than two weeks, part of the team’s ambitious plan to grow the memecoin from a lighthearted 420-themed project into a cryptocurrency with a market cap of $420 million.
There is also growing speculation that the token will be listed on both centralized and decentralized exchanges after its launch.
Time is running out
Recently, a countdown timer was added to Slothana’s website. As time passes, there is a good chance that Slothana’s pre-sale momentum will turn into post-launch success. This could lead to exponential gains for investors.
Anyone looking to grab a spot ahead of the launch of this highly anticipated memecoin can do so via the purchase widget available on the project’s website.
Investors can buy the upcoming SLOTH here.
For every 1 SOL token sent to this address, the investor will receive 10,000 Slothana (SLOTH) tokens.
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