- ONDO is experiencing strong bullish momentum across both lower and higher timeframes.
- If the bulls successfully turn a key resistance level into support, a further 15% rise is possible.
- ONDO has gained 56% since May 23, breaking out from a two-month-long consolidation phase. The psychological $1 mark has now been established as a support level.
Explore the meteoric rise of ONDO, evaluating its recent performance and future bullish targets.
The Fibonacci Extension Levels Indicate Upcoming Bullish Targets
In mid-March, a rally laid the groundwork for plotting Fibonacci retracement and extension levels. These showed that the recent two-month range formation found strong support at the 50% retracement level, around $0.717.
The past couple of weeks have seen ONDO flip the 23.6% extension level at $1.2 to support, and it’s now attempting to surpass the 61.8% extension level at $1.46. The next target is the 100% extension level at $1.71.
The RSI on the daily chart is at 76, which indicates robust bullish momentum. At this point, there’s no divergence, suggesting that the bullish momentum might continue. Despite weak trading volumes, price movements remain bullish.
Encouraging Signals from Spot Demand and Speculative Interest
Data from Coinalyze highlights that Open Interest has been fluctuating in tandem with ONDO’s price moves, indicating that traders are bullish and keen on entering long positions.
The spot CVD also continues its uptrend, although the pace has slowed over the past couple of days. Recent price surges led to short liquidations, boosting market buys and reinforcing buying pressure even in lower timeframes.
Conclusion
ONDO’s recent performance showcases strong bullish sentiment across the board. With critical support levels being established and bullish targets on the horizon, the altcoin presents substantial upside potential. Investors should keep a close watch on key resistance levels and buying pressure to gauge future movements.
