ONDO token is nearing a decisive breakout from a descending triangle pattern, with a potential 47% price swing in either direction.
By Anisha Pandey
Edited by Julia Sakovich
Updated
2 mins read
ONDO token ONDO $0.83 24h volatility: 8.8% Market cap: $2.64 B Vol. 24h: $132.58 M is gearing up for a major price move as it nears a decisive breakout from a descending triangle pattern, according to crypto analyst Ali Martinez. The converging trend lines suggest that a 47% price swing could be on the horizon. However, only a breakout from this structure would determine the next direction for the token.
Currently, ONDO price is trading at around $1.11, down by 3.5% in the past 24 hours. With a market cap of $3.51 billion, ONDO stands as the 32nd-largest cryptocurrency, as per CoinMarketCap.
On the daily ONDO price chart, the price is nearing the lower Bollinger Band, implying that ONDO could be oversold and due for a bounce. If volatility increases and the price pushes past the middle band (which currently serves as dynamic resistance), it could signal an uptrend.
Meanwhile, the Relative Strength Index (RSI) currently sits at 35, suggesting that the token is nearing the oversold region. While the token may drop further in the short-term, this could be a good buying zone for investors before ONDO confirms renewed bullish momentum.
On the other hand, the MACD line is currently below the signal line, signaling bearish momentum in the near term. Notably, if the MACD crosses upward, it would indicate a potential bullish reversal.
ONDO could reclaim $1.30 as immediate resistance before targeting $1.50, which aligns with the upper trendline of the descending triangle. A confirmed breakout above this level could drive the price towards $1.80 and beyond. A further bullish push could send the token back to its all-time high (ATH) and reach the 1.618 Fibonacci extension target of $3.10.
However, if ONDO price fails to hold support near $1.05, the price could retest the $0.90 level to attract liquidity.
Notably, ONDO saw a surge in demand following Donald Trump’s election victory in November 2024. This is due to a major investment from World Liberty Financial, a decentralized finance (DeFi) firm backed by the Trump family. Between November 5 and December 17, the token saw a 350% surge in its value. The surge comes amid the growing popularity of Real-World Asset (RWA) tokenization, positioning Ondo Finance as a key player in the sector.
However, amid the ongoing broader crypto market slump, ONDO price faced a significant drop. The token has lost 25% of its value in the past month.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
