The ONDO price slipped back under the $0.50 mark today after a pretty choppy 24 hours. The price actually made a decent push above $0.515 overnight, but that momentum didn’t last.
As the market rolled into the U.S. trading session, sellers stepped in and the token slowly drifted lower. This move isn’t happening in isolation, ONDO has been one of the biggest names in the RWA narrative this year, so the dip is getting a lot of interest.
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The RWA Narrative Is Cooling Off
One of the biggest reasons behind the drop is simple: the Real World Assets (RWA) hype has cooled down. Investors who were piling into yield-focused products a few weeks ago are now pulling back.
You can see the same trend in other RWA-linked tokens too, Maker and Maple both dipped over the same period.
Since ONDO dominates the market for regulated tokenized equities, it tends to react strongly when the sector shifts. And with demand for tokenized treasuries slowing down as interest rates wobble, ONDO’s own volume softened.
Only about $93 million traded in the last 24 hours, which is well below the usual activity. Fewer traders, less excitement, more downside, pretty straightforward.
Key Technical Level Rejects ONDO Again
The ONDO price also ran into a familiar technical wall. Earlier this week, it tried to break through the 23.6% Fibonacci retracement around $0.643 but got rejected pretty quickly.
After that, momentum faded and the token struggled to stay above the 30-day SMA near $0.555, which is now acting as resistance.
Once those attempts failed, short-term traders started hitting stop-losses, and the selling sped up. That’s a big part of why the chart drifted lower today.
There is one thing worth noting, though: the MACD histogram flipped positive for the first time in almost two weeks. If the ONDO price can push back above $0.54, we could see some kind of short-term bounce form. But until that happens, the chart still leans bearish.
Bitcoin Is Calling the Shots Right Now
The broader market isn’t doing ONDO any favors either. Bitcoin dominance is sitting near 59%, and altcoins just aren’t getting the same attention.
The Altcoin Season Index still says we’re in “Bitcoin Season,” and ONDO’s correlation with BTC is extremely high right now, around 0.89.
So when Bitcoin chops or pulls back, ONDO usually follows. That’s exactly what we’ve been seeing. Over the past month, ONDO has dropped nearly 16%, which lines up with the rest of the mid-cap altcoin market.
What’s Next for ONDO?
The drop below $0.50 comes down to three things: fading RWA hype, a technical rejection at key levels, and an overall market environment that’s still heavily centered around Bitcoin.
ONDO isn’t out of the game, but the price needs to reclaim the $0.54-$0.576 range to show real signs of recovery.
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