- ONDO defends $0.66 support as MACD flips bullish on daily chart
- Volume surges confirm breakout with $1.22 short-term price target
- Double bottom pattern hints at a $2.05 year-end projection
ONDO price has held above the important $0.66 mark, which indicates stability as trading volume starts to gradually rise. The token shows signs of early accumulation while technical indicators point toward a possible mid-term rally. The market sentiment is also bullish but still cautious as momentum indicators flash bullish on higher timeframes.
Source: CoinGecko
The 7% price increase and increased volume further reinforce the bullish case. If the rally continues, the next logical resistance will be around $0.85 before a potential rise to $1.22.
In case the price falls below the $0.66 support, then the next area to watch will be at $0.45. The bulls could reenter at that point, particularly when it coincides with rising macro support levels. At present, the price action is within a critical range, and traders are still awaiting confirmation of the next major move.
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Ondo’s Breakout Could Push Price to $2.05
The MACD indicator has flipped bullish, which points to a possible change in market direction backed by rising interest of buyers. Meanwhile, the trading volume has been on the rise, which indicates renewed investor confidence in the asset’s short-term outlook. This trend confirms the theory that price can still increase, provided macro conditions are favorable.
Source: X
Other analysts, however, have cautioned that there are unconfirmed breakouts of horizontal resistance levels. The price is still below the diagonal resistance, and until this changes, bears may still be in control. Traders will have a better confirmation if ONDO closes above both resistance bands in the next few days.
Source: X
A larger bullish pattern is forming with a double bottom structure seen on the daily chart. Historically, this structure indicates a reversal pattern that implies that the token may aim at previous highs once neckline resistance is breached. A confirmed breakout would push the price to reach $1.20 and a year-end of $2.05.
If ONDO breaks above its 50-day EMA and reclaims the $0.90 mark, then it may trigger a new buying spree. This would validate bullish momentum and probably push the price to $1.20 by mid-year. A sustained bullish formation above $1.20 may pave the way to a retest of $2.05 before the end of the year.
Also Read| ONDO Price Prediction: Falling Wedge Signals Breakout Toward $2.05
Ondo Tokenized Equity Model Supports Bullish Outlook
Moreover, the Ondo’s tokenized equity model provides a distinctive value that can be used to distinguish it from weaker digital assets. The project’s tokenized assets are completely backed, with on-demand redemption linked to actual shares. This level of transparency attracts institutions and could lead to a long-term inflow of capital.
The broader market sentiment is still burdened by external factors such as the Federal Reserve interest rate decisions as well as global tensions. These factors could suppress the short-term bullish momentum despite favourable technical and fundamental indicators. However, the reduction of macro pressures could trigger a wider altcoin breakout.
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