Ondo (ONDO) price continues to show weakness, aligning with broader market sentiment as altcoins take their cues from Bitcoin (BTC). The altcoin has managed to trade within a range, clinging to a crucial level as it repelled further to the downside.
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Ondo price must reclaim $0.8276 for more upside potential Ondo price has consolidated right below the $0.8276 support since early in the month. If the broader market shows strength, ONDO could flip this roadblock into support. This could lead to double-digit gains for ONDO holders, potentially as high as the $1.0000 psychological level. This would constitute a 20% climb above current levels.
The significance of $0.8276 is that it marks a previous high that was later flipped into a support. That Ondo price has traded below this crucial level without continuing lower is a good sign. The altcoin could reclaim the level back as a support. Notably, this is contingent on the broader market showing strength.
Such a move would encourage more buy orders, with the ensuing buying pressure propelling the Ondo price further north.
On the other hand, enhanced selling pressure could see Ondo price drop further. A move below $0.7500 would produce a lower low, invalidating the bullish thesis.
