ONDO Price Dips Amid Bearish Setup in Cryptocurrency Market

The cryptocurrency market has been experiencing a pause in its recent rally, with Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) trading in the red.

However, one coin that is not faring well is ONDO, the native token of the Ondo Finance ecosystem. According to derivatives data, intense long liquidations are adding pressure on the price, which has dropped by 6% in the last 24 hours.

The bears are targeting the $0.2400 support level, and if the selloff persists, ONDO may retest its February lows of $0.2405 or even $0.2018. The momentum indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are also aligning with a bearish market outlook.

The uncertainty from the US-Iran ceasefire deal is weighing on the broader cryptocurrency market, making the market conditions fragile at the moment. If the bulls regain control, they would encounter resistance at the 50-day Exponential Moving Average (EMA) of $0.2700 and the $0.2968 resistance level.