ONDO's current market situation is indeed not very optimistic. As of the latest quote at 0.3720, this level is already in a clear downtrend channel. Looking at the candlestick chart, you can feel that the price is continuously grinding downward, with the entire center of gravity shifting lower. The MACD indicator has a death cross below the zero line, indicating that the bearish momentum is fully dominant.

From a medium-term perspective, ONDO has fallen into a quagmire of a bear market searching for a bottom. Although the previous probe did find an extreme low point, no rebound is sustainable until it firmly breaks above the 0.50 threshold. Any rally before that is just a short-lived escape move.

Regarding key levels, resistance can be divided into two tiers. Short-term resistance is between 0.4500 and 0.5000, which has formed a consolidation platform recently and is also a psychologically significant integer level. The more challenging zone is between 0.6500 and 0.7000; former support has now turned into a strong resistance. To return to a bull market, ONDO must break through this level, but honestly, it seems almost impossible in the short term. On the support side, the current support zone at 0.3500-0.3700 is the last stronghold for the bulls. Below that, the absolute bottom is at 0.2500-0.2600. The frightening spike occurred here—if the price drops to this level, aggressive funds will be tempted to buy in.

How to interpret volume? On the day of the spike, trading volume was huge, indicating panic selling was thoroughly washed out. The problem is that during the rebound, volume quickly diminishes, which signals a severe lack of buying interest. The enthusiasm for the RWA sector has been waning recently, and funds are reluctant to step in at this level.

Let's discuss the operational strategy and scoring. Current holders are in an extremely passive state. From over 1.00 down to 0.37, the depth of the loss is obvious; cutting losses now isn't very meaningful. ONDO's fundamentals are still decent, supported by expectations of cooperation with leading institutions. Holding tight and waiting for the RWA narrative to restart is the rational choice. The target is to gradually reduce positions as the price rebounds toward 0.50.

For investors who haven't entered yet, patience is key. Although the current price seems cheap, the overall trend remains downward, so it's not a good entry point. The real high-probability buying opportunity will come when the price revisits the 0.2500-0.3000 zone. Most importantly, avoid catching a falling knife around 0.40—that's the most dangerous position.

In summary, ONDO has entered a winter mode. Currently, it's a time to watch more and act less. Waiting for the market to slowly bottom out is the wisest move.