The ONDO token is showing a classic double bottom pattern, which is considered a strong bullish signal. Currently, the token is trading close to a key resistance level at $1.2.
Double Bottom as a Signal for Growth
ONDO is forming a classic double bottom pattern on the chart, signaling a potential trend reversal. This formation occurs when a token hits a similar low twice, with a moderate high in between, indicating exhaustion of sellers. If the token closes above the $1.2 level, it could trigger a powerful upward move.
Key Level at $1.2
The $1.2 level acts as the neckline of the double bottom structure. A decisive close above this level would validate the breakout and may open the doors for a sharp rally. Traders should watch for spikes in trading volume, as these often confirm the strength of such moves. If ONDO can flip $1.2 into support, it could lead to significant further gains.
Overall Trends in Utility Tokens
Utility tokens across the crypto market are experiencing renewed momentum. As capital flows back into these assets, ONDO could benefit from the broader trend. Projects with clear use cases and strong fundamentals are gaining traction, and ONDO fits that profile.
With the formation of the double bottom pattern and the current market sentiment, ONDO could become the next star among utility tokens. It is important to monitor key levels and trading volumes to gauge further movements.
