Ondo Price Forecast: Bearish setup persists as futures positioning turns risk-off

Ondo ($ONDO) is facing downside pressure at press time on Thursday, threatening the $0.2400 support level. The derivatives market is leaning bearish on $ONDO, with futures Open Interest dropping amid intense long liquidations. Technically, the real-world asset tokenization-focused (RWA) crypto is losing ground and risks further correction.

Bearish bets are weighing down on $ONDO futures

The leverage market anticipates further declines in $ONDO amid incredulity over the US-Iran ceasefire, weighing on the broader cryptocurrency market. According to CoinGlass, the $ONDO futures recorded a total liquidation of $99,730 over the last 24 hours, led by $93,410 in long liquidations, indicating an intense sell-side pressure in the spot market.

The sharp liquidation led to a 6% decline in the $ONDO futures Open Interest (OI) to $81.84 million over the same period, indicating reduced market participation. Additionally, the funding rate dropped to -0.0007% and the long-to-short ratio to 0.9342, both of which suggest a bearish inclination among traders.

Downside pressure on Ondo risks bearish breakdown

$ONDO trades around $0.2500 at press time on Thursday after a 5% drop from the 50-day Exponential Moving Average (EMA) at $0.2700 the previous day. Meanwhile, the 100-day EMA at $0.3186 and the 200-day EMA at $0.4420 remain well above the market, reinforcing a broader downside-skewed structure.

The 50-day EMA at $0.2700 is the first cap on the upside, followed by the $0.2968 ceiling.

Momentum aligns with this tone, as the Relative Strength Index (RSI) at 44 remains below the 50 midline, and the Moving Average Convergence Divergence (MACD) indicator prints a negative reading below zero, hinting at persistent selling pressure rather than an imminent reversal.

On the downside, the February 9 and February 6 lows at $0.2405 and $0.2018, respectively, are key support levels. However, a drop below the $0.2000 psychological level would significantly increase the downside risk.

(The technical analysis of this story was written with the help of an AI tool.)