- ONDO is forming a bullish falling wedge pattern, historically signaling strong upside potential with a target up to $2.05.
- The token is currently trading above a key accumulation zone ($0.73–$0.78), indicating growing investor interest and demand.
- Despite recent short-term price dips, rising trading volume and market sentiment suggest a possible breakout is approaching.
- Analysts recommend watching for a confirmed breakout while maintaining a stop-loss at $0.58 to manage downside risk.
ONDO is gaining popularity and grabbing market attention due to its rising price and movement towards its resistance level. Trading between $0.73 and $0.78, which is known as the high demand zone. ONDO is also creating a falling wedge pattern, which is usually a sign of a bullish reversal.
If a confirmed breakout occurs, price projections suggest a possible surge toward the $2.05 level, presenting strong upside potential.
At the time of writing, ONDO is trading at $0.7528 with a 24-hour trading volume of $119.0 million and a market capitalization of $2.37 billion. The ONDO price is hit by market volatility, and over the last 24 hours, it is down by 2.95%, and over the last week, it is also down by 4.45%, but also showing high potential for the next major rally.
ONDO Eyes $2.05 After Falling Wedge Formation
Moreover, the crypto analyst, Core Crypto, highlighted that ONDO is currently trading within a falling wedge pattern, which is a bullish technical formation that tends to witness strong rallies on the price chart.
Technically, there isn’t any breakout yet, but constricting price action is an old-time signal that such a breakout can be imminent. Market analysts and traders are expecting and watching eagerly how things unfold, and increased expectations that the token may soon break to the upside.
The previously identified accumulation zone from $0.73 to $0.78 has provided a strong support area that soaks up bearish pressure and indicates consistent buying enthusiasm. Market players who wish to take a position prior to a suspected breakout are advised to buy within this range. The repeated tests of this area have stuck above it, reaffirming its strong relevance in the prevailing market structure
Assuming positive momentum develops and the wedge structure breaks out to the upside, analysts are considering primary resistance levels at $1.10, $1.45, and $2.05. These levels align with historical resistance points and Fibonacci extensions and therefore offer guidance for which way the potential price will turn.
Though the stop-loss is advised to be put at $0.58 to limit risk on the lower side because breaking below it would signal pattern failure and continued loss of strength.
The setup is catching the eye of many traders even if the breakout has not yet been confirmed. ONDO could see a surge once significant resistance levels are broken, especially since volume is picking up and market sentiment is becoming more optimistic. For the moment, it’s still a waiting game, although it likely won’t be for long.
Also Read: ONDO Holds Strong Support as VWAP Breakout Signals $3 Target Momentum
