Hello Binance Square family! 👋
Ondo Finance (ONDO) is currently exhibiting signs of a potential bullish breakout. Let's delve into the technical analysis and explore the possibilities.
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🔍 Current Market Overview
Price: Approximately $0.78 USD
24h Change: -7.36%
Market Cap: ~$2.47B
All-Time High (ATH): $2.15 USD
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📊 Technical Analysis: Bullish Breakout Potential
ONDO is forming a bullish symmetrical triangle on the 4-hour chart, following a successful breakout from a falling wedge pattern. The price is consolidating and appears to be building momentum for a potential sharp move to the upside.
Key Levels to Watch:
Resistance Zone: $0.90–$0.94
Support Levels: $0.776 and $0.751
Potential Targets:
Short-Term: $1.01, $1.08
Medium-Term: $1.17
A breakout above the $0.90–$0.94 resistance zone, backed by strong volume, could trigger a rally towards these targets.
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🧠 Trade Strategy
Entry: Consider entering around $0.90–$0.94 upon confirmation of the breakout.
Stop Loss: Place a stop loss just below $0.75 to manage risk.
Take Profit Targets:
TP1: $1.01
TP2: $1.08
TP3: $1.17
Ensure to monitor volume and price action closely for confirmation of the breakout.
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📌 Final Thoughts
ONDO Finance is at a critical juncture. A confirmed breakout could lead to significant gains, while failure to break resistance may result in a pullback. Always conduct thorough research and consider your risk tolerance before making trading decisions.
Happy trading, and stay informed! 💛
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