ONDO is back on traders watchlists after breaking out of a months-long downtrend. A tweet from WorldOfCharts noted that the move has already delivered over 12% gains since the breakout. 

Their chart shows ONDO price pushing from around $0.78 to $0.87, and there’s talk that the token could be heading toward $1.13 if momentum keeps up.

The chart shows a textbook breakout from a falling channel, with the price making a clean move above resistance. 

WorldOfCharts says ONDO price is now “moving towards targets,” and from the look of it, that target is a potential 45% rally from the breakout point.

ONDO Price Sees Clean Breakout Following Prolonged Downtrend

ONDO price had been stuck inside a downward-sloping channel from early May through late June. Each bounce hit resistance a bit lower than the last, dropping from $1.05 in May to $0.88 by the end of June. 

On the flip side, every dip found support near a consistent trendline, with the last major bounce coming from just above $0.65 in mid-June.

What kept things interesting was the horizontal zone between $0.75 and $0.78. Buyers stepped in every time the price touched this range, turning it into a solid support area. 

Then, as June came to a close, the candles started to push higher within the channel, and on July 8, ONDO finally broke through that upper trendline.

Source: X/WorldOfCharts

The breakout happened right at the intersection of falling resistance and horizontal support, a spot where traders often expect a reaction. That’s exactly what played out, and now ONDO price is climbing steadily.

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Next Levels to Watch

There’s a clear target on the chart around $1.13. That level comes from measuring the height of the channel and projecting it upward from the breakout. 

But before getting there, ONDO price still needs to push through $0.90 and the key psychological level at $1.00.

If price dips, the breakout zone around $0.82 to $0.84 should act as support. A bigger drop toward $0.78 would raise questions about whether the breakout can hold. 

Falling back into the old channel would be a red flag, possibly pointing toward a retest of the June lows near $0.65. For now, ONDO price looks above the breakout zone, and if that continues, the rally toward $1.13 could stay on track.

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The post Traders Are Watching ONDO Price With Interest – Here’s Why appeared first on CaptainAltcoin.