ONDO may have completed its bottoming phase, forming a classic inverse head and shoulders pattern. Increasing volume during recent upward moves indicates potential bullish momentum.
Technical Structure Supporting ONDO's Reversal
The ONDO/USDT chart presents a well-defined inverse head and shoulders pattern, commonly used to identify trend reversals. The left shoulder, head, and right shoulder are clearly visible. The neckline range, positioned between $1.083 and $1.174, serves as a key breakout level. Recent volume activity reinforces the pattern. Experts note that recent volume increases signal potential upward momentum, suggesting buyers are actively accumulating ONDO.
Bullish Targets and Trade Considerations
Traders can consider entry positions on a confirmed breakout above the neckline or a retest of this key support area. Target levels are set at $1.450 for the initial move, aligning with prior resistance zones. The second target is $1.633, reflecting the measured move from the inverse head and shoulders pattern.
Overall Analysis and Recommendations
Overall, ONDO's chart shows a potential bullish setup supported by technical structure and trading activity. Analysts advise closely monitoring market conditions and important price levels for risk management.
The outlook on the ONDO chart indicates that a combination of strong technical structure and volume trends may lead to significant price movement following breakout confirmation.
