The price movement of the popular altcoin ONDO hints at a possible 20% upward move following an impressive overnight fluctuation. The current market trend indicates that ONDO operates within an ascending channel, characterized by an upper resistance trend line completing this formation. The current state of the price chart suggests a general bullish outlook for investors observing from the outside.
Expectations for Continued Uptrend
ONDO’s price trend, maintaining the ascending channel on the daily price chart, saw a significant overnight recovery with a 6% rise, preventing a drop to the 50-day Exponential Moving Average (EMA). This recovery indicates a potential reversal for ONDO. If the current uptrend continues, the altcoin could target $1.52, representing a significant upward move from current levels.
The latest bullish cycle for ONDO started around the support trend line at $0.72, leading to a remarkable 100% rise within 20 days, peaking at $1.44. This rise revealed a new general resistance trend line. Following this peak, ONDO entered a decline phase, losing 18.51% in value within five days. Despite this, the altcoin managed a 6% recovery, forming a Harami candlestick pattern on the daily chart. This pattern could indicate an early bull cycle if buyers manage to surpass the opening price of the bearish candle at $1.30.
Currently, ONDO is trading at $1.26, showing a slight 0.56% drop with a long tail formation on the daily candle. This suggests demand at lower levels and potential upside later in the day. However, technical indicators present a mixed picture. The MACD indicator shows a bearish trend, indicating that the negative cycle remains strong.
Can Bulls Push the Price Beyond the $1.30 Threshold?
For the downtrend to turn into an uptrend, ONDO needs to close above the opening price of the last bearish candle at $1.30. Although the overnight jump boosts investor confidence, market sentiment remains volatile due to the Federal Open Market Committee (FOMC) meeting. This volatility could lead to fear, uncertainty, and doubt (FUD) based selling, undermining buyers’ efforts.
Despite bearish signals from the MACD, the overall bullish structure of the ascending channel remains intact, presenting a positive outlook. According to trend-based Fibonacci levels, a breakout rally could bring the $1.52 level at the 2.618 Fibonacci level into play.
