ONDO price has attracted trader attention again after breaking out of a months-long downtrend. The following sections discuss the reasons for this breakout and future levels to watch.
Breakout of ONDO Price after Extended Decline
ONDO price was trapped in a downward-sloping channel from early May to late June, declining from $1.05 to $0.88. Each bounce faced resistance that was lower than the last, with the last major bounce starting just above $0.65 in mid-June. The area between $0.75 and $0.78 saw buyers consistently stepping in, turning it into a solid support zone. On July 8, ONDO finally broke through the upper trendline of this channel.
Current Support and Resistance Levels
The breakout occurred right at the intersection of falling resistance and horizontal support. Currently, ONDO price is showing steady growth, but to reach the next target, it must clear levels at $0.90 and the key psychological figure at $1.00. Should the price dip, the breakout zone around $0.82 to $0.84 is expected to act as support.
Forecasts and Next Levels to Watch
Based on current metrics, the target on the chart is around $1.13. This level was determined by measuring the height of the channel and projecting it upward from the breakout point. If the price dips back into the old channel, close attention will be needed for signs of a potential retest of the June lows near $0.65.
ONDO price is successfully breaking out and continues to rise, drawing interest from traders. It is important to monitor support and resistance levels that may determine future market dynamics.
