Despite Ondo’s (ONDO) growing network activity, its price has struggled to show significant increases. The cryptocurrency has faced a 25% decline in the last 30 days.
Although the rise in user participation and interaction is a typical positive sign in a bull market, the current bear market environment seems to be preventing any substantial price gains.
On Sunday, Ondo’s 24-hour active addresses were less than 1,500. At press time, the same metric has risen to 3,347.
Active addresses can be tracked over different timeframes, such as daily, weekly, or monthly. This metric helps one understand the level of adoption and the movement of tokens in the market.
A higher number of active addresses indicates rising engagement on the network. A decrease in active addresses, on the other hand, signals lower interest or activity in the asset.
On several occasions, when active addresses increase, ONDO’s price follows in the same direction. This was also the case when the token’s value hit an all-time high of $2.14 in December 2024.
However, it is important to mention that the market was euphoric then. But in this case, the broader sentiment is mostly gloomy, with little to no optimism.
Due to this change, the hike in user activity might not be able to help ONDO’s price erase a major part of the 25% decline.
Amid this growth, ONDO’s price still trades within a descending channel. A descending channel is a pattern that illustrates a downward trend formed by two parallel trendlines.
These trendlines connect the lower highs and lower lows of a cryptocurrency’s price action, indicating that the asset is in a bearish trend. Furthermore, the Chaikin Money Flow (CMF), despite testing the zero signal line, has yet to rise above it.
Should this remain the case, ONDO might remain within the bearish channel.
ONDO/USD Daily Analysis | Credit: TradingView
ONDO Price Breakdown Not Over
Another look at the daily chart shows that ONDO’s price has formed an inverse cup and handle pattern. The inverse cup and handle is a bearish chart pattern that typically signals a potential reversal from an uptrend to a downtrend.
The pattern starts with a rounded, inverted “U” shape resembling a cup. This signifies a gradual price decline, followed by a consolidation period during which the price forms a bottom.
After the cup forms, a small retracement or consolidation occurs, creating the “handle.” This handle slows upwards, indicating brief buying interest or a weak rally before the final breakdown.
As shown below, ONDO’s price has broken below the pattern’s neckline. If the trend remains the same, the token might decline to $0.50.
On the contrary, if ONDO retests the neckline near $1.13, this prediction might be invalidated. In that case, the cryptocurrency’s value might rally to $1.52.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
