The price of ONDO, which has been trapped in a downward channel for months, has finally broken through a key resistance line.
Analysis of the Breakout
According to analyst World Of Charts, ONDO has recently broken a key resistance line that has capped its price since early May. The chart shows ONDO's price grinding lower along two parallel lines, with each attempt to rise resulting in a decline. However, in recent weeks, there has been a sharp rise. ONDO managed to surge above the resistance area marked between $0.75 and $0.78.
Support for Future Growth
After a recent jump of about 30% over the last 12 days, ONDO's price is now holding above the resistance line, converting it into new support. This kind of breakout, with strong volume, often signals the onset of a larger upward movement. World Of Charts suggests that this could open the door for a full 2x rally in the coming weeks if ONDO maintains its momentum.
What's Next for ONDO Traders?
Traders need to watch to ensure that ONDO's price remains above the previously mentioned area. If it falls below this level, the bullish scenario may no longer be viable, and the price could revert to previous downtrends. Analysis from World Of Charts indicates that the breakout of key resistance is not a random spike, but could signify the beginning of a significant trend reversal.
In summary, ONDO is at a critical level, and its future price movements will be important for both traders and the analysis of current market trends.
