Key Takeaways
- Breakout Confirmed: ONDO has broken out from a long-term descending channel, signaling a potential bullish reversal.
- Momentum Builds: The RSI indicates upward momentum, supporting further price gains.
- Wave Analysis: Micro-count patterns suggest wave (v) of an impulsive move may be underway.
ONDO has shown strong signs of recovery after a multi-month correction, with a 37% price surge following its breakout from a descending channel. This article explores the technical indicators, price predictions, and key levels to watch.
ONDO Price Analysis
Correction Completion
ONDO bottomed at $0.66** on April 7, marking the end of a complex W-X-Y-X-Z correction from its December 16 peak of **$2.13. The breakout above the descending channel’s upper trendline at $0.78 on April 9 confirmed a shift in momentum, likely concluding the bearish structure.
Fibonacci and Resistance Levels
- The price is retesting the 0.786 Fibonacci retracement level near $0.91**. A sustained close above this level could propel ONDO toward **$1.17 (0.618 retracement of the bearish move).
- RSI Indicator: The 4-hour RSI has exited oversold territory, reflecting growing bullish momentum.
👉 Where to buy ONDO securely? Explore trusted platforms here.
ONDO Price Prediction
Wave Count and Targets
A 1-hour chart reveals a potential 5-wave impulsive structure:
- Wave (i)-(ii): Baseline established at $0.68.
- Wave (iii): Peaked at $0.89.
- Wave (iv): Consolidated in an ascending channel.
Wave (v): Potential targets via Fibonacci extensions:
- $0.95 (0.618)
- $0.99 (0.786)
- $1.08 (1.272)
Invalidation Scenario: A drop below $0.837 would negate the bullish impulse.
Key Levels
| Support | Resistance |
|-------------------|----------------------|
| $0.68 (Wave ii) | $0.916 (0.786 Fib) |
| $0.73 (Demand) | $1.17 (0.618 Fib) |
FAQ
1. Is ONDO’s breakout sustainable?
The breakout is supported by RSI momentum and volume. However, confirmation requires a close above $0.916.
2. What are the risks?
Failure to hold $0.837 could indicate a false breakout, leading to a retest of lower supports.
3. Where can I trade ONDO?
👉 Check reputable exchanges for ONDO trading here.
4. What’s the long-term outlook?
If the breakout holds, ONDO may target $1.50–$2.00 in the coming months.
Disclaimer: This analysis is for informational purposes only. Cryptocurrency investments carry risk; conduct independent research or consult a financial advisor before trading.