The ONDO token has recently captured attention due to its price movements and implied trends. This article examines key aspects of the current market situation.
Price Consolidation and Fibonacci Levels
The ONDO token is currently trading at $0.7455, just below a key Fibonacci level. After hitting a high near $2.13, the price has pulled back and is now sitting just below the 0.382 Fibonacci retracement level at $0.8258. Additionally, the 0.236 level at $0.5171 serves as another support zone in case of further declines.
Trendline Behavior and Trading Volume
A blue ascending trendline starting from early 2024 has been tested multiple times. Each time, ONDO has bounced back, indicating that buyers are continuing to protect this structure. Trading volume has decreased during this correction, often signaling a decline in selling pressure and the possibility of accumulation.
Social Sentiment and Pattern Speculation
On platform X (formerly Twitter), analyst CryptoED shared the opinion that ONDO is 'literally repeating the same pattern it had before the big pump to $2.' He remains optimistic and continues to accumulate tokens. While a breakout is not yet confirmed, it's crucial for the ONDO price to hold above $0.70 and the trendline support to provide the potential for further growth.
The current price movements of the ONDO token and positive signals from technical analysis are attracting traders' attention. Maintaining levels above $0.70 could put ONDO on the path to potential growth towards $3.
