- ONDO tests key resistance at $0.80, aligned with the 200-day EMA; a break could target $0.92.
- A bullish reversal pattern forms amid rising interest, despite a slight recent dip of -1.77%.
- A positive correlation with M2 Global Liquidity adds macro support to the bullish outlook.
ONDO, the native token of Ondo Finance, is showing bullish signals of a potential breakout after weeks of market-based declines. Though the broader crypto market steadies itself, the token is beginning to command increased focus from investors and traders once again.
With the token trending on a robust Fibonacci retracement obstacle and assuming a bullish reversal form, the necessary groundwork may have been laid for a rapid pop to the positive.
Currently, ONDO is trading at $0.7795, with a 24-hour volume of $180.54 million, and a market cap of $1.09 billion. Even though the coin decreased slightly by 1.86% in the last 24 hours, indicators have identified a possible bullish reversal in the near term.
Analysts are watching this area, particularly around the $0.80 mark, valued at the 200-day EMA, a significant technical barrier.
Crypto analyst AltWolf emphasized this level as pivotal, stating that if ONDO breaks the $0.80 resistance, its initial bullish target lies at $0.92, a full test of the 200EMA on the daily chart. In a bearish scenario, if the coin is rejected at this point, though, its price could retrace as far as a pivotal support at $0.55, an area previously a solid demand zone.
Adding to bullishness, Bull Bear Spot also noted the asset’s positive correlation with M2 Global Liquidity (M2 Money Supply), a key macroeconomic indicator. It has a nice bullish chart setup, meaning ONDO’s price can “pump at any time” if everything stays as is. This lends a macro-based layer of conviction to bullish players expecting a continued move higher.
Also Read: Can ONDO Hit $1.00? Price Nears Breakout Zone Between $0.76 and $0.79
ONDO Gains Momentum as RWA Narrative Grows
The overall mood about ONDO has been progressively better, especially as the token continues on its course to steadily become a part of the real-world asset (RWA) narrative, a development that has been a surging trend within the current market cycle.
A mix of positive technical indicators, rising liquidity, and improving macro sentiment could all drive ONDO to a potential breakout in future sessions. Whilst the coin tests out this key resistance zone, all eyes remain on observing if it can re-establish and hold control of the $0.80 mark.
A successful breakout can create a doorway of new high prices, whilst rejection can reiterate that prudence is called for on a short-term positioning basis. Either outcome, the token remains one of the most monitored tokens this week and has high potential amongst both swing and longer-term holders.
Also Read | ONDO Price Prediction: Falling Wedge Signals Breakout Toward $2.05
