The cryptocurrency ONDO is facing challenges as it dropped below April lows. Analysts note the importance of the $0.50 support level for future price movement.
Critical $0.50 Support Level
Current analyses reveal that ONDO has dropped below its April 2024 low, prompting experts to focus on the $0.50 support level. If this level holds, it may serve as a launching pad for a bullish wave iii targeting above $1.13.
Falling Wedge Formation
The daily chart shows a falling wedge pattern, often linked to bullish reversals. However, the price continues to face rejection at the descending resistance line. This consistent seller pressure is countered by a consolidation buildup, indicating a potential breakout might be nearing.
Current Market Conditions
As of now, ONDO trades at $0.7398, reflecting a slight 0.45% gain in the last 24 hours. Despite a recent 3.68% daily drop, the price remains within a defined wedge formation. Analysts note that the $0.95 zone serves as a potential breakout target.
The technical outlook for ONDO remains finely balanced. The $0.50 support plays a crucial role in maintaining a positive trend.
