Traders are monitoring the price movement of ONDO after technical signals indicate a potential bullish reversal.
The currency, linked to the Ondo Finance platform, has shown early signs of bottom formation, similar to previous rallies. Chart watchers believe the current situation may reflect historical rallies, driving increased interest in key support and resistance levels.
Despite recent price weakness, ONDO remains under close watch due to its alignment with broader market trends and increasing institutional interest in real-world tokenized assets. Market participants are now assessing whether current levels can hold and trigger a sustainable bullish trend.
■ ONDO's technical patterns indicate the potential for price reversal
Chart analysts highlighted ONDO's recent formation of a higher low, a structure usually associated with early bullish moves.
According to a publication from OCT Trades, a market watcher, price stability above $0.72 is still necessary to maintain the trend structure. They mentioned that a breakout above the $1 level, followed by a retest, would confirm a long-term bullish move.
Solberg Invest also pointed out that the VWAP line acts as support, as observed during previous breakouts. They identified the Fibonacci extension level of 1.618 as a recurring target, anticipating a potential rise towards $3 if historical patterns repeat.
At the time of publication, the price of ONDO is trading at $0.8308, according to CoinGecko data. The token has declined by 0.58% over the past 24 hours and by 11.64% over the past week.
During this period, its price ranged between $0.7942 and $0.9674, indicating some volatility within a defined range.
The immediate support level is at $0.821, with near-term resistance at $0.849. Despite the downward movement, price watchers remain focused on ONDO's ability to reclaim higher resistance levels to initiate a reversal.
■ Broader market trends may impact the price of ONDO
The ONDO path may benefit from improved trends in the cryptocurrency market in South Korea, which has more than 16 million active users. The country's pro-crypto stance, supported by upcoming elections and favorable regulatory frameworks, has fueled speculation on decentralized finance (DeFi) assets.
However, traders remain cautious due to macroeconomic volatility and lower retail enthusiasm compared to previous bull cycles. ONDO's correlation with broader market trends limits independent breakouts, despite its increasing significance in tokenized finance.
Analysts say that the repetition of historical patterns does not guarantee future performance, and Fibonacci-based targets often require further confirmation. However, traders believe that current technical setups require close monitoring.
With increasing interest in support levels and trading volume dynamics, ONDO's next move could influence short-term trends in the decentralized finance sector.
