ONDO price holds above the $0.83 point of control, aligning with major Fibonacci and structural support, indicating potential for an upward reversal.
A double bottom pattern is forming, with $1.19 as the neckline and $0.67 as critical support, reinforcing the bullish market structure.
The current decline is a corrective pullback, with the broader trend remaining upward as long as higher lows are maintained above key support levels.
ONDO has entered a corrective phase after rejecting the $1.19 resistance, moving toward the point of control at $0.83. The recent pullback followed the loss of the value area high, which had previously acted as strong support. Despite this decline, the broader market structure remains constructive, and technical indicators continue to favor the bulls.
The $0.83 level aligns with the 0.618 Fibonacci retracement and a major structural support zone, making it a high-confluence area. Buyers are expected to monitor this level closely, as holding above it could trigger a reversal. A successful defense would also set the stage for a retest of the $1.19 resistance, which marks the neckline of a developing double bottom pattern.
Double Bottom Pattern Still Intact
The double bottom formation remains valid as long as ONDO holds above the high-timeframe support at $0.67. This structure has been forming over several months and signals potential bullish continuation if confirmed. A bounce from the current range could lead to a higher low, further strengthening the bullish case.
The recent decline is viewed as a healthy retracement within an overall uptrend rather than a reversal. The market has continued to print higher lows, which supports the bullish structure. A decisive move from the $0.83 zone, particularly with increased trading volume, could indicate renewed demand and push the price toward the $1.19 level.
Upside Targets Remain in Play
If ONDO manages to break above $1.19, the double bottom pattern would be confirmed, opening the path to higher resistance around $1.56. The bullish outlook remains valid unless price falls below the $0.67 support, which would shift market sentiment and signal potential structural changes.
