based on information from the site - By CoinCryptoNewz
Ondo is on the verge of a breakout after months of bearish momentum. With rising open interest, will the bulls break above $0.9000?
Ondo has been facing bearish pressure since the beginning of the year, with price action forming lower highs and lower lows. At the time of publication, ONDO is trading at $0.8889, which is 1.40% higher than the price in the last 24 hours, with a trading volume of 18.67% according to CoinMarketCap. With the bulls coming into power, ONDO may expect a breakout.
Technical analysis indicates weeks of bearish momentum on the 12-hour chart. Ondo has been consolidating in a downward channel since the end of 2024. However, the price correction phase may be nearing its end, as ONDO anticipates a breakout near the key resistance zone of $0.9000 on its downward trendline.
According to Coinglass, ONDO's open interest has increased by 15.15%. This signals a resurgence of interest in the market as buyers become active, anticipating a breakout and a potential bull rally to $1.8 and beyond.
According to crypto analyst World of Charts on X (formerly Twitter), Ondo may consider $1.47 as a medium-term target price, indicating a significant rise after a long-term bearish momentum. The MACD (12,26) and short-term moving averages on the daily timeframe are flashing 'buy', indicating increased buying pressure.
If buyers enter with significant volume, ONDO's breakout could trigger weeks of price reversal and rally from its lows. Traders are watching ONDO's behavior, open interest, whale activity, and buying volume around $0.9000 for additional insights.
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