- ONDO trades around $0.746, showing signs of stabilization after a recent correction.
- Elevated open interest and declining volume suggest quiet accumulation and potential for volatility.
- Price is compressing near key resistance between $0.76 and $0.79, forming a bullish wedge pattern.
- RSI is rising and MACD is flattening near zero, indicating fading bearish pressure and building momentum.
ONDO is now changing hands at about $0.746, steadying following a short correction to the downside. Though this point remains just below major resistance, overall sentiment indicates that the asset is about to make a major move to the upside. Both technicals and derivatives market sentiment create an attractive argument for a possible breakout with bullish strength building stealthily in reserve.
ONDO Derivatives Hint at Accumulation Phase
To begin with, ONDO’s derivatives data is flashing early signs of accumulation. Open interest remains elevated at approximately $548 million, a strong signal that traders are maintaining their positions despite recent price consolidation.
Importantly, while open interest has stayed high, overall volumes have decreased, indicating a period of muted positioning. Historically, this type of divergence, strong open interest with declining volumes, has generally been a harbinger of huge volatility and reversals of trends. In ONDO’s case, this could prove to be a powerful bullish breakout once levels of resistance have been crossed.
Also Read: ONDO Price Prediction: Falling Wedge Signals Breakout Toward $2.05
ONDO Approaches Bullish Trigger at $0.76–$0.79
Backing this argument are a group of technical resistance levels, all of which converge in the vicinity of the current spot price. The 20-period, 50-period, 100-period, and 200-period simple moving averages (SMAs) are layered between $0.753 and $0.794 with the 200 SMA being the higher end.
While price currently trades just below these averages, it is gradually compressing into a wedge pattern, typically a bullish continuation signal. A breakout above $0.76–$0.79 would push ONDO above all major SMAs, triggering bullish technical confirmations and likely drawing in fresh momentum buyers.
Additionally, momentum indicators are starting to turn. The Relative Strength Index (RSI) is rising out of a neutral position of 43.05, steadily moving towards the midline. The upward incline means that bear momentum is losing strength and purchasing strength is building.
At the same time, the MACD is leveling off around the zero line with the MACD line and signal line remaining around -0.00395 and 0.00392, respectively. That setup tends to lead to a bullish crossover and further supports the bullish argument.
Moreover, the compression of ONDO’s price action shows a coiling market structure that usually precedes big moves. With price being compressed under stacked resistance and high open interest remaining in place, the set-up looks like a traditional accumulation phase.
ONDO has registered a strong formation for a bull reversal. High open interest levels with declining volumes, bullish MACD and RSI settings, and compression below resistance are all signs of a market that’s about to expand. If purchasing can get ONDO through the $0.76–$0.79 range, the ensuing momentum may unleash a huge climb.
Also Read: ONDO Breaks Out: Will It Break Above $0.78 or Fall to $0.29?
