ONDO has gained attention following a recent price breakout. The token jumped 6% today, indicating strong momentum in the market.
ONDO has shown a general upward trend since October, marked by steady price increases. However, the market witnessed a corrective phase recently, as prices consolidated within a downward channel. This bearish move was a temporary pullback before the bullish breakout occurred.
A breakout from the channel indicates a possible reversal of the upward trend. Currently, ONDO’s price is hovering around $1.39, with signs pointing to further growth. The breakout is supported by bullish candlestick patterns, which often precede stronger upward movements.
ONDO key support and resistance levels
The chart identifies critical levels that traders monitor. Immediate support is near $1.39, which is in line with the breakout point. Below this level, $1.32 acts as a safety net, reinforced by the Exponential Moving Average (EMA 9). This moving average is trending higher, adding bullish momentum.
Resistance levels to watch include $1.5761 and $1.7481. The first resistance is a previously identified pivot point, while the second corresponds to the historical ceiling. A breakout of these levels could open the door for ONDO price to target the $2.0-3.0 range in the medium term.
Moreover, the RSI stands at 51.65, indicating a neutral zone with a bullish bias. An upward trajectory of the RSI indicates increasing buying pressure without indicating overbought conditions. Meanwhile, the EMA continues to act as dynamic support, reflecting the overall bullish sentiment in the market.
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ONDO price forecast
The chart suggests two possible scenarios. In the continuation of the uptrend, maintaining above $1.5761 may push the price to $1.7481 and beyond. On the contrary, If the price of ONDO decreases Below $1.39, traders may look for support at $1.32. This bearish scenario may lead to further consolidation.
Overall, ONDO’s hack and today’s price increase highlight the strong potential of the token. However, traders are advised to monitor key levels and market signals to confirm the next important move.
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