Date: Wed, March 12, 2025 | 10:15 AM GMT
The cryptocurrency market remains under strong bearish pressure, continuing the correction phase that began after the late 2024 rallies. Ethereum (ETH) has plunged from its December high of $4,000 to its current level of $1,870, applying significant strain on altcoins across the board.
Amid this downturn, one of the top Real-World Asset (RWA) token, Ondo (ONDO), has suffered a major 55% decline over the past 90 days. However, a recent spike in new addresses and a strong defense of key support levels suggest that a potential reversal could be on the horizon.
Spike in New Addresses
As ONDO’s price retraces to a crucial support level, investors appear to be accumulating at these lower levels. According to a report from crypto analyst Ali, new ONDO addresses have surged 390% in just 24 hours, increasing from 935 to 4,559.
This sudden uptick in new wallet creation indicates growing interest from retail and institutional investors, which could help fuel a price recovery.
Ascending Broadening Wedge Setup
ONDO’s weekly chart highlights a classic ascending broadening wedge pattern. The ongoing correction began after its rejection from the upper trendline at $2.14 on December 16, triggering a steady decline towards the lower support trendline.
With this week’s drop, ONDO has tested the lower trendline support at $0.73 and has managed to bounce slightly, now trading around $0.83. Historically, ONDO has followed the price movement within this pattern, meaning a strong recovery toward the upper trendline could be in play if buyers step in.
While ONDO’s support level holds, the MACD remains concerning, as it still shows bearish momentum. The MACD line is below the signal line, indicating that downward pressure is not entirely over. However, a potential crossover in the coming days could shift the momentum toward a bullish breakout.
Final Thoughts
ONDO’s recent price action, combined with the spike in new addresses, suggests that a recovery could be on the horizon. However, the broader crypto market remains uncertain, and ONDO will need to confirm strength above this support level to avoid further downside. If ONDO successfully rebounds from this level, it could set up for a strong continuation toward $1.50 and beyond.
As always, investors should stay informed and exercise caution in volatile markets.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.