As the broader market faces a massive correction, Ondo Finance shares a similar bearish fate, with a 15% drop this week. The reversal run undermines the triple white soldiers’ pattern formed in the daily chart, accounting for a 16% surge.
As buyers prepare to overtake trend control as the supply pressure declines. Will this bullish strike result in a price jump to $0.83? Read this analysis until the very end to unravel the same!
ONDO Price Performance
The bearish continuation has led to the ONDO price taking a drop from $0.78 to the bottom support of $0.64. The negative cycle prolongs the consolidation between the newly formed 200-day EMA at $0.78 and the bottom support at $0.64.
Meanwhile, the longer-term trend in Ondo Finance reveals a declining trend line in motion as the altcoin builds lower-high formations. However, with the recent double-top reversal, the Ondo token takes support at the neckline and teases a bullish reversal.
Currently, the ONDO price trades at $0.65, teasing a potential end to the consecutive bearish candles, with a 0.33% intraday gain. Hence, with the declining intensity of the bearish candles, the bulls prepare for a comeback.
Technical Indicators:
RSI: The bullish reversal in the RSI line is significant as the token takes support, teasing a bullish reversal.
EMA: The bearish trend in the 50D EMA warns of a death cross with the newly formed 200D EMA.
Thus, the average lines give a bear signal threat despite the momentum indicator teasing a potential reversal.
Will Bulls Cross The $1.30 Threshold?
Based on the Fibonacci level, the reversal rally could surpass the overhead trendline to challenge the 23.60% level at $0.83316. Beyond this, the next resistance levels are at 38.20% and 50% levels at $0.95 and $1.04, respectively. On the other side, the support levels below $0.64 are present at $0.60 and $0.50.
Also, read our Aave Price Prediction 2024-2030
