The post ONDO struggles to reach $2: Why $1.20 is a key level now appeared on BitcoinEthereumNews.com.

ONDO’s price declined by more than 7% in the last 24 hours.  Most metrics hinted at a continued price decline.  ONDO has been creating a lot of buzz in the recent past as it has registered massive price gains. The bull rally sparked speculation among investors about ONDO touching $2 in the coming days. However, the bears stepped by in the last 24 hours and pushed the token price down.  ONDO’s demand is surging  Santiment recently posted a tweet highlighting the fact that ONDO has been trending for quite some time. A major reason behind this could be its 75% price rise in just eleven days. While the token gained bullish momentum, investors used the opportunity to scoop up ONDO. Santiment’s tweet mentioned that the token only had just over 5k non-empty wallets on the 26th of February. However, as buying pressure increased, the token’s non-empty wallets reached 33,225, which was a hike of more than 550%. AMBCrypto’s analysis revealed that buying pressure on the token remained high. Its Exchange Outflow spiked last week. Its Supply on Exchange dropped sharply, while its Supply outside of Exchanges increased in the last few days. This further indicated high buying pressure. Additionally, the supply held by top addresses also increased slightly over the last week. Source: Santiment Is ONDO’s bull rally ending? In the meantime, Crypto Patel, a popular crypto analyst, posted an analysis that suggested that ONDO’s price might cross $2 in the coming days. However, the token hit a roadblock. According to CoinMarketCap, the token’s price dropped by over 7% in the last 24 hours alone. At the time of writing, the token was trading at $1.20 with a market capitalization of over $1.66 billion. While the token’s price dropped, its NVT ratio registered a sharp uptick. A rise in the…

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Filed under: News - @ May 28, 2024 1:20 am