ONDO is approaching a crucial technical level as analysts monitor a potential breakout from its descending channel formation on the daily chart. The token is experiencing limited price action with low trading activity in the market.
As of writing, ONDO is trading at $0.2578, marking an increase in a day. The trading volume currently stands at $37.57 million, down 23.59%. Over the last week, the ONDO coin price has decreased by 5.58%, according to CoinMarketCap.
Source: CoinMarketCap
Jonathan Carter, a crypto analyst, highlighted that ONDO is nearing the upper resistance of the descending channel on the daily chart. The descending channel has been the price direction indicator in the recent price downtrend.
The analyst stated that the price is currently consolidating at the apex of its formation. Nevertheless, there is reduced volume prior to the potential larger move. According to Carter, it is a breakout setup forming on the chart.
He listed several price targets in case the resistance level is broken. These levels include $0.30, $0.36, $0.44, $0.54, $0.68, and $0.86. These targets reflect possible levels if bullish momentum increases after a breakout.
Source: X
Moreover, another analyst, Crypto Patel, mentioned the broader technical structure. He noted that ONDO had entered a high-timeframe Fibonacci demand area ranging from $0.26 to $0.18. This area has confluence with a bullish order block and Wyckoff accumulation structure located at a point of support.
Patel also referred to a previous purchase that involved a company linked to Trump. According to Patel, WLFI had bought ONDO tokens valued at $1,374. WLFI had invested around $470,000 in 342,000 tokens in this purchase.
However, ONDO must break above the flip zone of $0.47 to indicate a change in bullish structure. The analyst noted that the higher structure would remain valid as long as it trades above $0.17.
Also Read: ONDO Hits Critical Support: Accumulation Could Trigger 24x Rally
The analysts outlined the potential upside targets. He mentioned $1.00, $2.15, and $5.00 or higher as long-term price targets. There is also an invalidation level identified below $0.171.
Source: X
According to CoinGlass data, the future trading volume decreased by 20.64% to $83.04 million. The open interest increased by 1.27% to $71.41 million. ONDO OI-weighted funding is 0.0021%, indicating slightly positive funding conditions.
Source: CoinGlass
The Relative Strength Index (RSI) on the daily chart is at 46.94, while the RSI Moving Average is at 44.68. This is below the 50 level, indicating moderate momentum with balanced buying and selling pressures.
The Moving Average Convergence Divergence (MACD) also reflects limited momentum. The MACD line is at 0.0014, and the signal line is at -0.0071. The MACD histogram is at -0.0085, showing limited bearish momentum.
Source: TradingView
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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