Key Takeaways:
- Ondo posts a 5.11% gain for the week while the overall market remains neutral.
- Technical charts show a bullish structure with a potential breakout in sight.
- Key resistance at $0.81 could determine ONDO’s next move.
ONDO is one of the few altcoins showing bullish price action and potential for an upward trend. The token recorded a close to 3.26% increase in the last 24 hours and recorded a 5.11% increase in the week, indicating intrinsic strength.
This bullish price action comes when most of the major digital currencies have remained stable throughout. The token is currently priced at $0.8049, holding a 24-hour trading volume of $86.02 million, showing a 9.65% surge in action.
Market capitalization reaches $2.54 billion, which reflects its popularity growth in mid-cap assets. Traders are also observing its next move keenly, as it hovers around key resistance levels.
Ondo Weekly Chart Suggests Accumulation and Recovery
For the last week, the price movement of ONDO has displayed a pattern of volatility, consolidation, and then return. There was initially a retracement down towards a low of $0.77 after initiating at $0.81, which depicts initial selling interest.
But that decline came hand in hand with sideways consolidation in the regions of $0.77 and $0.78, which under normal circumstances reflects buying interest or accumulation. Recoveries began mid-week, when the price of ONDO rebounded above the $0.80 barrier and retested resistance at $0.81.
There was some selling at that price, but stability held within the $0.805 to $0.810 range. Steadily higher volume on the up-move supported the rally, but a slight setback in recent sessions reflects cautious optimism close to resistance.
Also Read: ONDO Approaches Key Resistance With $0.92 Target in Sight
Indicators Support Bullish Continuation
The 4-hour technical analysis has a bullish formation for continuation potential. ONDO has its price above its 20-period simple moving average, currently at $0.790, and near the upper Bollinger Band situated at about $0.809.
Band tightening also implies that a breakout could occur anytime soon. The Relative Strength Index (RSI) at 61.14 indicates growing bullish sentiment, and MACD has also recorded a bullish crossover, which itself indicates growing buying interest.
On a breakthrough above $0.81, price targets will reach $0.835 and $0.860, and a strong push-through could reach $0.880.
On failure to remain above $0.790, a retest of support in the region of $0.770 could develop. Ondo continues to stand out as a technically strong performer amid a hesitant market.
Also Read: Can ONDO Hit $1.00? Price Nears Breakout Zone Between $0.76 and $0.79
