- The ONDO token has been exhibiting a falling wedge pattern, which is a bullish signal indicating a potential 50% price rally.
- Market indicators and metrics are showing positive trends, suggesting an imminent upward movement.
- A respected crypto analyst has identified a similar pattern from earlier in the year, predicting a possible breakout.
Discover the potential 50% rally on the horizon for ONDO as market indicators turn bullish and respected analysts forecast a breakout.
ONDO’s Potential Bullish Breakout
Recent data from CoinMarketCap shows that ONDO experienced a significant price drop on June 24th. Although there was a slight recovery, the token’s price remains lower by more than 4% for the week, trading at $1.16 with a market capitalization exceeding $1.6 billion.
Shifts in Holder Behavior
Insights from IntoTheBlock reveal a notable shift in holder behavior. Long-term holders of ONDO have been reducing their positions, while short-term holders, known as cruisers, have been increasing their investments.
Despite the reduction from long-term holders, the emergence of a bullish falling wedge pattern on ONDO’s chart could reverse this trend. Cryptocurrency analyst Captain Faibik identified this bullish pattern, noting that the token’s price has been consolidating within the wedge since early June and is on the brink of a breakout. Should this breakout occur, a price surge exceeding 50% is anticipated. A similar breakout in April led to a substantial rally.
Evaluating ONDO’s Market Indicators
COINOTAG’s analysis of Santiment data indicates several bullish signs. A decline in the token’s volume coinciding with its price drop can often signal buying opportunities. The Market Value to Realized Value (MVRV) ratio has shown improvement, suggesting a potential rebound.
Moreover, the token’s open interest has decreased, which typically implies that the current price trend might reverse. However, an increase in the Network Value to Transaction (NVT) ratio hints that ONDO might be overvalued, pointing towards a continued price decline.
Technicals and Future Outlook
Technical indicators provide mixed signals. The Moving Average Convergence Divergence (MACD) displays a likelihood of a bullish crossover, which is typically seen as a positive sign. The Chaikin Money Flow (CMF) has seen a slight rise, reinforcing the potential for a price uptick.
Conversely, the Relative Strength Index (RSI) remains neutral, suggesting the possibility of a few more slow trading days ahead. Investors are advised to keep a close watch on these indicators for potential buy signals.
Conclusion
In summary, while ONDO’s market has recently been dominated by bearish trends, the formation of a bullish falling wedge pattern and positive shifts in market indicators suggest that a significant price rally could be imminent. Investors should consider the potential for a 50% surge while remaining vigilant of ongoing market conditions and technical signals.
