The price of the ONDO token shows improvement after reaching a low of $0.85. It is currently testing a significant resistance level observed by traders for several months.
General Overview of Current ONDO Situation
At the time of writing, the ONDO price trades around $0.983. This level sits above the 30-day EMA, which is a good sign for short-term momentum. However, the real test will be the downward trendline that has constrained the price since its all-time high. This resistance is just above $1.05, and bulls need a solid breakout above $1.10 for a trend reversal.
Short-Term Price Trends of ONDO
On the 4-hour chart, the outlook appears more positive. The price is forming higher lows, and the uptrend from late July is holding strong. ONDO is also riding above the 30-period EMA, indicating bulls are in control for the moment. The RSI at 63 shows strength but has room before the market overheats.
Prospects for Breaking Resistance Level
ONDO is in a solid position. It is recovering well and is testing a key trendline that could determine its future direction. A breakthrough above $1.10 would represent a substantial change and could reveal higher targets. However, without the breakout, a continuation of lower highs within a deeper downtrend may follow.
Trading of the ONDO token is under close scrutiny by traders. Its ability to break the $1.10 level will serve as a significant indicator for future growth potential or continuation of a deeper downtrend.
