Key Takeaways:
- ONDO shows signs of a potential 300% rally, mirroring previous bullish setups.
- Oversold RSI levels and major trendline support suggest upside momentum.
- Accumulation zone between $0.60 and $0.80 hints at a long-term rally up to $5 or even $10.
Among digital assets, few have been as much in the technical spotlight as ONDO currently. ONDO might be on the cusp of a stunning 300% spike, according to crypto analyst Cryptogenous.
His current chart analysis points to a pattern of repetition in which the token grazes a long-standing trendline but rallies strongly back toward the 1.618 Fibonacci level, currently estimated at around $3.10.
Cryptogenous indicates the significant resemblance between the present configuration of ONDO and its historic pattern. Previously, each time the cryptocurrency touched this rising support line, a huge uptrend followed.
In all those instances, ONDO rallied toward the Fibonacci extension, and the present situation is no different. The RSI, again, is extremely oversold, like it had been before the last significant rallies.
The chart is also exhibiting a short-term retracement, as the cryptocurrency will likely return to the $0.68 to $0.72 zone, if not lower, as a result of liquidation wicks. A rapid recovery back over $0.70 would indicate strength and continuation.
Another positive sign highlighted by Cryptogenous is the amount of liquidity piled over the cryptocurrency’s current price, especially around the $1.36 level.
Such a configuration frequently leads to a short squeeze, particularly when market makers are looking to initiate liquidity grabs ahead of a larger correction. A breakdown below $0.59 would negate the bullish configuration, but so far, the cryptocurrency is holding strong.
ONDO Targets $2, $5, and $10 as Accumulation Zone Forms
Echoing this sentiment is fellow market analyst Crypto Patel, who believes ONDO is firmly in a “golden accumulation zone.” Traded close to the 0.786 Fibonacci retracement level, Patel thinks ONDO looks set for a breakout.
Based on his top-time-frame projections, the cryptocurrency may rally by as much as 400% to 500% from today’s level, with long-term target prices at $2, $5, and even $10.
Patel indicates ONDO’s structural performance in its recent breakout, resulting in a 200% pump, as supporting evidence that the past will indeed repeat itself. His accumulation zone between $0.80 and $0.60 represents the ideal entry point for long-term investors witnessing this setup.
History Repeating or New Highs Incoming?
With the convergence of several indicators, oversold RSI, rebound against the trendline, Fibonacci points, and past liquidity behavior, a very strong case can be made for ONDO. Having both short-term trade setups as well as long-term accumulation possibilities makes it a watchlist-worthy token.
If ONDO stays above the significant trendline supports and sustains buying pressure on the pull-backs, a big uptrend might be in the early stages.
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