The cryptocurrency market remains under strong bearish pressure. Ethereum has significantly dropped, affecting altcoins, and the ONDO token has seen a 55% decline over the past 90 days. However, a recent spike in new addresses and strong defense of key support levels suggest a potential reversal might be on the horizon.
Spike in New Addresses
According to analyst Ali, the number of new ONDO addresses has surged by 390% over the past 24 hours, indicating growing investor interest. This trend could fuel a price recovery.
Ascending Broadening Wedge Setup
ONDO's weekly chart shows a classic ascending broadening wedge pattern. Following rejection from the upper trendline at $2.14, a decline to lower support has occurred. This week's test of the lower trendline at $0.73 has seen a slight bounce. Holding this level could signal potential recovery.
Final Thoughts
ONDO's recent price action and increase in new addresses indicate possible recovery, but confirmation is needed to avoid further downside. Investors should remain informed of market conditions.
ONDO may see a recovery trend if it strengthens above the support level. However, the market remains uncertain, and investors need to consider all factors.
