ONDO (ONDO) has completed a significant corrective phase, forming a descending wedge on the higher time frame. Historically, this pattern signals a bullish breakout, and the current price action suggests that ONDO may be on the verge of a recovery.
The lower time frame chart highlights an impulsive wave structure, which, if confirmed, could mark the beginning of a sustained uptrend. A successful breakout above key resistance levels may trigger further bullish momentum.
Technical Analysis: Key Levels and Indicators
Since peaking at $2.13 in mid-December, ONDO has undergone a prolonged correction, following an Elliott Wave W-X-Y structure that found support near $0.73. This level aligns with a historical horizontal support zone, suggesting a possible bottom formation.
- Resistance Levels: The $0.91 mark (0.786 Fibonacci retracement) remains a crucial resistance zone. A breakout above this level could push ONDO towards $1.18 (0.618 Fib) and $1.36 (0.5 Fib).
- Support Levels: Maintaining support at $0.73 is critical to preserving the bullish outlook. A failure to hold this level could lead to a further decline toward $0.58.
- Indicators: The Relative Strength Index (RSI) shows bullish divergence, signaling potential seller exhaustion and an impending reversal.
Following its recent low, ONDO has surged nearly 20%, indicating early signs of a bullish resurgence. A confirmed breakout above $0.96 could validate this trend, opening the door for a rally towards higher price targets.
ONDO Price Prediction: Potential Upside Targets
ONDO’s 1-hour chart suggests that the token is in the early stages of a bullish impulse wave, with the first five-wave structure already forming. If this trend continues, short-term corrections could retest the $0.81-$0.85 region before moving higher.
- Short-Term Target: A breakout above $0.96 aligns with the 1.0 Fibonacci extension, with upside targets at $1.05 (1.618 Fib) and $1.11 (2.0 Fib).
- Bearish Scenario: A rejection at $0.96 could lead to a retest of $0.73. However, as long as RSI holds above 40, the bullish structure remains intact.
ONDO is at a critical juncture, with a bullish structure developing. A successful breakout could confirm a trend reversal, while failure to hold key supports may delay upward progress. Traders should watch for confirmation above $0.96 to validate the bullish case, with targets set between $1.05 and $1.18 in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
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