#ONDO

*Current Market Sentiment:*

- ONDO surged nearly 20% after breaking out of a prolonged downtrend, indicating a potential bullish reversal.

- However, the token faces key resistance at $0.915, a 78.6% Fibonacci retracement level, which it needs to break through to confirm a trend reversal.

- On-chain metrics show early signs of accumulation, supporting future bullish price action ¹.

*Technical Indicators:*

- The Relative Strength Index (RSI) is at a neutral level of 50, showing no clear momentum in either direction.

- The On-Balance Volume (OBV) indicator hasn't made a new higher high, suggesting underlying demand may not be strong enough to sustain long-term gains.

- The Moving Average Convergence Divergence (MACD) and signal lines are showing an upward trend, supporting a potential rally .

*Key Factors Influencing Price:*

- *Whale Activity*: Recent whale purchases, like the 10.978 million ONDO tokens acquired at an average price of $1.553, could act as a catalyst for a price increase.

- *Resistance Levels*: Breaking through the $0.915 resistance level could confirm a trend reversal, while failing to do so might lead to consolidation or a pullback.

- *Support Levels*: Nearby support levels at $0.815 and $0.791 could provide a solid base for the next upward move .

Given these factors, ONDO's outlook is cautiously optimistic, leaning towards a bullish trend, but it's essential to monitor how the price behaves near the $0.915 resistance level to confirm this trend.