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: TradingViewLooking 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.