ONDO drops 12% this week, breaks key structure — can the $0.80 support hold?

ONDO price has dropped 12% this week, breaking its uptrend structure with a lower high and then a deep lower low. Can the critical $0.80 support level stop further breakdwon? Ondo Finance ( ONDO ) price has recently broken its uptrend structure, forming a lower high and then breaking below the lower trendline of an ascending broadening wedge pattern, resulting in a lower low at $0.78. That pullback also sliced through the key horizontal support zone at $0.90. Buyers stepped in at the $0.78 swing low, driving a recovery that has pushed the price back to $0.85 at press time. Despite this, ONDO remains well below the EMA 20 and has yet to reclaim the key $0.90 level to signal a potential shift in momentum. The current support at $0.80 appears strong, as the price was supported here previously — on pullback following the first higher high in mid-April, when the uptrend had just began. However, momentum is weak—RSI sits at 40, below the neutral 50 level and under its moving average, signaling a lack of bullish strength. On the MACD, there are early signs that bearish momentum may be fading, indicated by shrinking red histogram bars. Source: TradingView You might also like: JPMorgan settles tokenized treasuries transaction using Ondo Finance and Chainlink Looking ahead, ONDO price must first reclaim the key level at $0.90, which also aligns with the EMA 20. A strong move above this level, supported by follow-through and solid volume, could open the door to a retest of the $1.00 mark—the recent lower high. However, to fully reclaim the previous bullish structure, ONDO price would also need to break above the most recent peak at $1.10. On the downside, a breakdown below the key support at $0.80 could potentially send ONDO toward the next major support around $0.70. On the fundamental side, Ondo Finance recently met with the U.S. Securities and Exchange Commission . In that meeting, which took place in late April, the firm’s leadership team joined legal representatives from Davis Polk & Wardwell to discuss how traditional financial regulations might apply to tokenized securities . They also suggested possible sandbox initiatives or regulatory exemptions to encourage innovation while protecting investors. You might also like: Ondo Finance reclaims $3B market cap as SEC opens tokenization talks

Source: crypto.news