The Support Break: What Happened

$ONDO dropped below $0.3520, a level that had been functioning as the nearest support on the 4H timeframe. The asset is now trading near $0.3495, representing a 0.71% decline from that pivot. This breach signals weakness in the short-term bid structure and opens the path toward the next structural level lower: $0.3426.

Breakdowns of this magnitude typically indicate that buyers who were positioned at the $0.3520 level have either exited or been stopped out. Volume confirmation during the move lower would reinforce the severity of the break.

Structure Below: The $0.3426 Floor

The next support level sits at $0.3426, roughly 0.20% below the current $0.3495 price. This level represents a deeper structural support on the 4H chart and should be watched as the critical floor for shorts to target and longs to defend.

If $ONDO maintains above $0.3426, the breakdown from $0.3520 may be contained as a minor retracement within a larger consolidation. A break below $0.3426 would extend the selloff and likely trigger a hunt for support further down the structure - traders should identify whether there are additional Fibonacci retracements or prior swing lows in that region.

Fibonacci and Resistance Above

On the upside, once the immediate downside pressure is exhausted, $0.3520 will likely function as resistance. Above that, traders should monitor for prior swing highs and 38.2% or 50% Fibonacci retracement levels from any recent downswing to gauge where buyers might step back in.

RSI and MACD divergence should be tracked on the 4H and 1H charts: oversold RSI (below 30) combined with a MACD cross could signal an exhaustion move and potential bounce candidate. Conversely, if those indicators remain weak, expect continued pressure toward $0.3426 and beyond.

Session Context and Trade Implications