Despite a 50% price correction since mid-December, Ondo ($ONDO) shows potential for recovery with key technical indicators signaling a possible bullish reversal. Here’s the latest analysis.
Bearish Wedge & Persistent Downtrend
Current Price: $1.11, down from highs of $2.00.
Market Cap: $1.65B with a circulating supply of 1.38B ONDO tokens.
Volume Oscillator: Trending negative, reflecting reduced buying interest.
The 4-hour chart reveals a falling wedge pattern—a classic precursor to bullish breakouts. However, key resistance levels at $1.30, $1.50, and $2.00 remain unbroken, keeping upward momentum constrained.
TD Sequential Signals Hope
The TD Sequential indicator on the 3-day chart issued a buy signal, suggesting that selling pressure might be near exhaustion. This could invite buyers back into the market.
Falling wedge patterns, characterized by converging trendlines and decreasing volatility, are often followed by breakouts. For $ONDO, a successful breakout could trigger significant upside movement in the weeks ahead.
Key Metrics & Market Sentiment
Trading Volume (24H): $301.44M, signaling strong market interest.
Fully Diluted Valuation (FDV): $11.92B, reflecting potential value if all tokens are in circulation.
24H Performance: Up 2.07%, but still far from recovering previous losses.
Can $ONDO Break Free?
While technical signals support a potential recovery, $ONDO faces strong resistance and bearish sentiment. A breakout above key resistance levels could confirm a reversal, paving the way for the token to regain its former highs.
Is $ONDO on the brink of a bullish comeback, or is the current uptrend just a temporary pause in its decline? Let us know your analysis below!
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