Key Takeaways:
- ONDO is signaling a fresh increase from the $0.720 support zone.
- It cleared a key bearish trend line with resistance at $0.7880 on the 4-hour chart.
- The price could rise further toward the $1.00 and $1.05 levels in the near term.
NEW DELHI (CoinChapter.com) — ONDO price is up nearly 10% and showing positive signs above $0.820. It is now consolidating gains and aiming for a fresh surge.
ONDO Price Signals Breakout
After a steady decline, the ONDO price found support near the $0.7200 zone. A low was formed at $0.7190, and the bulls are now attempting a fresh increase. The price gained over 10% in a few sessions, outperformed Bitcoin and Ethereum and is aiming for more upside.
Recently, Ondo Finance gained traction on news of BlackRock transferring $250,000 to BUIDL Fund. It sparked strong buying interest and ONDO cleared a few key hurdles.
There was a move above the $0.80 resistance and the 23.6% Fib retracement level of the downward move from the $1.050 swing high to the $0.7190 low. More importantly, the price cleared a key bearish trend line with resistance at $0.7880 on the 4-hour chart.
The price now trades well above the 50 simple moving average (blue, 4-hour). It is consolidating gains near the $0.8350 level. On the upside, the bears might remain active near the $0.880 level. It is close to the 50% Fib retracement level of the downward move from the $1.050 swing high to the $0.7190 low.
A successful break and close above the $0.880 barrier could spark another rally. The next major resistance is near the $0.9720 level. If the bulls push the price above $0.9720, OM could pump another 10%. The main stop for the current bull wave might be near the $1.050 zone, where the bears are likely to take a stand.
Downside Correction?
If there is a pullback, the first support is visible near the $0.80 level and the 50 simple moving average (blue, 4-hour). The next key support is near the trend line at $0.7750.
The main uptrend support sits near the $0.720 level. A daily close below the $0.720 support could trigger a nasty decline. In the stated case, the price could dive toward the $0.6450 support zone.
Overall, the ONDO price is gaining traction above the $0.80 level. If there is a pullback, the bulls might remain active near the $0.80 and $0.7750 levels. On the upside, the main target for the bulls could be $1.050.
