- ONDO trades between $0.73 and $0.78, breaking out of an ascending channel with bullish reversal signs.
- Current price is $0.7452, up 1.24% with strong $82.51 million 24-hour trading volume and $2.35 billion market cap.
- Analyst warns of short setup below $0.7277, signaling possible bearish correction despite recent breakout.
ONDO is currently attracting significant attention as it breaks out of an ascending channel, trading between $0.73 and $0.78, a zone marked by high demand. The token is showing signs of a bullish reversal with a falling wedge pattern, signaling potential upward momentum in the coming sessions.
The price of ONDO stands at $0.7493, marking a 1.24% gain in the past 24 hours. Investor interest has been bolstered by a healthy 24-hour trading volume of $82.51 million, indicating strong liquidity and confidence among market participants. Moreover, it’s market capitalization has reached $2.35 billion, placing it among the notable cryptocurrencies with robust market presence.
Also Read: Ondo (ONDO) Bounces from $0.60 Support, Eyes Potential Rally Above $0.83
Analyst’s $0.29 Prediction Challenges Bullish Outlook
Despite these optimistic signs, a recent post by crypto analyst @ali_charts stirred confusion by suggesting ONDO aims for a move toward $0.29. This projection clashes with the token’s current price near $0.70, more than double the suggested target, leaving traders puzzled about the actual direction.
Typically, a breakout signals upward price action, but a target of $0.29 implies a significant drop, contradicting the bullish narrative. The mismatch between trend analysis and price expectation has created uncertainty among both retail investors and technical analysts.
ONDO Consolidation Signals Bearish Caution
Adding complexity, crypto analyst Bohdan Kov of OrcaTrade Club identified a short setup for ONDO below the $0.7277 key level. According to Kov, the token’s failed breakout above this resistance resulted in consolidation on the 1-hour chart, reflecting market indecision amidst a broader bearish environment.
The consolidation’s tight range and lack of bullish follow-through suggest that ONDO could face a downward correction. Kov believes that downward movements are often in the footprint of such flags, especially in a market that is not strong, and therefore advises the bulls to approach with care.
Accumulations with low volume, after the fallacious breakout, spell out a potential price decline. Traders should closely observe token’s price action around the $0.7277 level, as a sustained close below the level may see the prices move to a lower support zone.
Also Read: ONDO Price Prediction: Falling Wedge Signals Breakout Toward $2.05