A crypto analyst, Mayo, shared an analysis of the cryptocurrency ONDO, suggesting it could see a significant price increase soon. Let's explore the key insights from their analysis and the potential implications for ONDO's price.
A Critical Moment for ONDO Cryptocurrency
Analyst Mayo believes we are witnessing a critical moment for ONDO. He examined the weekly ONDO/USDT chart, uncovering mostly bullish signals that suggest the token might be setting up for a rally. The chart reveals a pattern known as the Wyckoff Accumulation phase, occurring between August and December 2024. During this period, sophisticated investors were quietly building their positions. After a major breakout and subsequent correction, ONDO now seems to be stabilizing around a crucial price zone of $0.89 – $1.00.
Bullish Indicators for Price Growth
There are some bullish indicators that make ONDO particularly attractive right now. The volume profile shows significant interest in the $0.80-$1.00 range, suggesting strong support. More importantly, if ONDO breaks through the next resistance level at $1.45, it could potentially rocket to targets between $2.50 and $3.60. Mayo suggests that fundamental catalysts, such as potential regulatory changes favoring US-connected crypto tokens and the growing Total Value Locked (TVL) of ONDO, could also drive its price up.
ONDO as a Standout Performer in the Next Market Phase
Mayo mentioned that ONDO is currently his largest position, based on various factors. The expectation of no token unlocks for the rest of the year, combined with a favorable technical setup, could make ONDO a standout performer in the next crypto market phase. The analysis implies potential downside risk if the price falls below $0.80, yet the potential reward seems to significantly outweigh this risk, with projected gains reaching 2.5x to 3.5x of the current price.
The current market situation signals a potential significant price increase for ONDO. However, investors should consider all risks before making investment decisions.
