Ondo (ONDO) Rebounds 6.6% While Four-Hour Trend Stays Weak

Ondo (ONDO) rebounded 6.6% from a $0.41 low on Oct. 18, but a 10% weekly decline and weak four-hour momentum left its recovery on uncertain footing.

Bitcoin (BTC) fell 2.1% for the week. The value of the altcoin market, including Ether (ETH), dropped nearly 8% last week, from $1.13 trillion to $1.05 trillion. Bitcoin spot exchange-traded funds recorded $228.4 million in net outflows from Oct. 12 through Oct. 16.

ONDO’s daily and four-hour charts show different patterns. On the daily chart, $0.425 had capped the price from June through late September before ONDO moved above it. The nearby $0.43 area is now potential support for that longer-term pattern.

Daily momentum has weakened despite the move above $0.425. The relative strength index, a measure of price momentum, has fallen. On-balance volume, which combines trading volume with the direction of price moves, has moved sideways in October. Together, those readings offer limited confirmation of the daily chart’s stronger price pattern.

The four-hour chart shows more immediate weakness. ONDO dipped below $0.422, and its relative strength index has remained under the neutral 50 mark for a week. Four-hour on-balance volume has not shown heavy selling, leaving the volume reading less negative than the price and momentum readings.

The next daily close will determine whether the longer-term pattern still holds. A close below $0.404 would turn the daily swing structure bearish, bringing it into line with the weaker four-hour chart.