In a show of strength, the ONDO token has surged 36% from a key support zone, reigniting bullish sentiment among investors and analysts alike. The cryptocurrency consolidated near the $1.09 level and demonstrated resilience as it bounced sharply to touch $1.49, signaling a likely reversal in its recent downtrend.
Following this rise, ONDO’s price aligns with the 38.20% Fibonacci retracement level, an area historically proving to be an accumulation zone as buyers chipped in to prevent further losses upon hit. Adding to the optimistic outlook, the token’s momentum indicators reflect a strengthening bullish case.
The Relative Strength Index, for instance, has climbed to 56.74 above the neutral 50 level, implying increasing buying strength with more space to the upside before overbought conditions are met. Similarly, the Moving Average Convergence Divergence indicator displays a bullish crossover, with the MACD line at -0.0260 outpacing the signal line at -0.0522.
Assuming this bullish sentiment persists long-term, the ONDO cryptocurrency is anticipated to challenge the buy-side liquidity, close to the 50% Fibonacci level, which acts as the token’s immediate resistance. A breach above this threshold could confirm the altcoin’s bullish strength, with $1.91, along the 78.6% Fib level, being the first target.
Further projections suggest that ONDO cryptocurrency could retest its all-time high near the $2.14 level, with the likelihood to venture into uncharted territory at the third target of $2.40. This aligns with the 1.272 Fibonacci extension, signaling the possibility of establishing new record highs.
On the other hand, a shift in market momentum to the downside could result in price corrections, pulling ONDO toward its sell-side liquidity at $1.24, where it could find support. Yet, a breach below this zone could retest ONDO’s key support zone around the $1.09 level.
ONDO token is catching the attention of market analysts as technical indicators suggest a strong uptrend is underway. VipRoseTr, for instance, highlights a bullish breakout from a descending wedge, a classic reversal pattern, suggesting the cryptocurrency is poised for significant gains.
In detail, VipRoseTr’s analysis focuses on the consolidation within the Fibonacci Zone Long setup, where the ONDO coin has successfully maintained support at the crucial 0.618 retracement level. This strong base provides the foundation for the anticipated upward movement.
According to the analyst, the breakout from the wedge further confirms the likelihood of a trend reversal, with projected targets set at $1.88840, $2.30651, and $2.76567, based on Fibonacci extensions. Reinforcing VipRoseTr’s analysis, Michaël van de Poppe, a well-known cryptocurrency analyst, emphasizes the importance of maintaining higher time frame support levels.
Request 05 – $ONDO
Very simple methodology.
Higher timeframe support level holds –> new uptrend starting. pic.twitter.com/wYjOUqXeEj
— Michaël van de Poppe (@CryptoMichNL) January 23, 2025
According to Van de Poppe, this is crucial for confirming the continuation of the uptrend. His simple yet effective methodology underscores the strength of ONDO’s current structure, indicating that the token could be gearing up for a run toward new highs.
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