$ONDO is currently trading in a technically fragile position as the broader downtrend continues to dominate the daily chart. Price action remains pinned below the short-term EMAs, which are both sloping downward and acting as dynamic resistance. Each attempted relief rally has been capped at these levels, reinforcing the bearish structure.
At the same time, momentum indicators suggest the market may be approaching a phase of selling exhaustion. The RSI has drifted into oversold territory, a condition that often appears near local bottoms. However, in strong downtrends, oversold readings can persist for extended periods, so this alone does not confirm a reversal.
The MACD adds to this narrative. While the indicator remains in bearish territory, the histogram has started to compress, signaling that downside momentum is gradually weakening. This kind of behavior often precedes either a relief rally or a consolidation phase.
Order-book data also reveals the importance of key liquidity zones. A major bid wall at lower support levels is acting as the last line of defense, while significant sell walls overhead continue to block upward progress. If buyers can defend support, the market could see a short-term bounce. If not, the lack of strong liquidity between current levels and deeper support could allow for a sharper decline.
For now, the technical picture suggests a market at a crossroads—oversold and showing early signs of exhaustion, but still firmly controlled by the prevailing downtrend.
