- ONDO trades at $0.7802, gaining 3.45% over the past 24 hours.
- Weekly performance shows an 8.30% drop, but bullish indicators suggest a possible recovery.
- The $0.7428 VWAP support level is key for ONDO’s continued bullish structure.
- Holding support could lead to a potential long-term price target of around $3.
ONDO was in the limelight recently due to volatility on the shorter end, coupled with long-term positive indicators. The coin has a market value of $0.7802, with its trading volume over the last 24 hours at $169.63 million and market cap at $2.46 billion.
Despite registering an 8.30% dip over the past week, the token has surged 3.45% in the last day, indicating a rebound effort that may signify early recovery momentum.
Technically, the focus is on the current placement of ONDO slightly above a crucial support level at $0.7428. The level coincides very well with the Volume Weighted Average Price (VWAP), an intraday support dynamic that prominently features in identifying continuation zones in trends.
Traders are keenly monitoring whether ONDO holds the level since, in the past, the level has functioned as a springboard for breakouts in prices.
ONDO Eyes Breakout With Volume Confirmation
The latest candlestick action around the VWAP line signifies an important juncture point. The presence of red as well as green candles registers a standoff between the buyers and sellers.
Nonetheless, an oversized green candle in such a support zone would mean possible reversal or fresh buying interest. Technicians point out that staying above the VWAP is key to the continuation of the upside momentum.
A breakdown of the level would result in a selling correction, while holding in and volume confirmation above would propel a powerful upside breakaway. The long-term target of $3 is speculative but possible if the present setup reflects historical breakout action.
Long-Term Prospects Depend on Volume and Price Integrity
ONDO’s path to the $3 target depends on maintaining its position above the VWAP support, a key technical level. This support, combined with strong trading volume, is critical for validating any potential bullish breakout and sustaining upward momentum.
Market participants are still hopeful but guarded while ONDO tests this critical level. The configuration here has been termed technically sound as well as bullish, but additional price stability along with aggressive buying interest would remain essential to maintain support areas and provide thrust toward long-term price gains.
Related Reading | ONDO at a Crossroads: Will Bulls Reclaim Control Above $0.94?
