ONDO has entered a corrective phase, but the technical structure remains bullish. Current metrics and growth opportunities are drawing the attention of traders.
Current Market Indicators of ONDO
The recent rejection of ONDO at the resistance level of $1.19 has caused a significant decline, with the token now trading at $0.87. This correction is viewed as a natural occurrence within the overarching upward trend, provided the price stays above the crucial support area at $0.83.
Technical Analysis and Support
The key support level is at $0.83, aligning with the 0.618 Fibonacci retracement. A local double bottom formation is developing, where $1.19 acts as the neckline and the key support is at $0.67. The hold of the $0.83 support is critical for further upward movement, and a successful bounce from this level could reinforce the bullish structure.
Price Predictions and Next Steps
If the price holds at $0.83, a further rise and breakout above $1.19 may activate the formed double bottom. Otherwise, traders will shift attention to the $0.67 level. It is important to note that the current correction is a normal pullback in the ongoing bullish movement.
ONDO is in a crucial technical zone, and future price movements could reaffirm bullish dynamics if key support levels are maintained.
