The crypto markets are approaching towards the end of the third quarter, which has been a roller coaster ride for most of the tokens. While tokens like SUI and SEI have gained more attention, ONDO is slowly and steadily moving towards the higher targets. The price has been elevated since the start of the month and could potentially be breaching above pivotal resistance.
In the last few days of August, the ONDO price faced a massive pullback of over 30%, forming bottoms around $0.55. The ascending support was already broken in the first week, so the expectations of a rebound were fewer. However, after a couple of attempts, the price triggered a rebound and surged by more than 35%, forming a double-bottom pattern. After reaching the neckline, the bears began to extract profits, hindering the progress of the rally.
Will the ONDO price fail to break the resistance? If yes, till when it will remain consolidated below $1?
The latest rise in market dynamics has assisted the ONDO price to trigger a breakout from the pattern. However, the bulls failed to elevate the levels beyond the crucial resistance zone between $0.801 and $0.83. This may raise the bearish strength, which may eventually drag the levels back to the resistance of the wedge. The bearish divergence in the RSI validates the bearish claim suggesting a pullback to $0.6 could emerge if the bulls fail to defend the support at $0.7.
The current trade setup suggests that the ONDO price has attracted decent buying volume, which may prevent excessive drain. The Ichimoku Cloud displays an end of the bearish trend, while the start of the fresh bullish trend has not been validated. Therefore, the probability of a pullback remains higher but a potential rebound may also make its way out soon. As the market dynamics are expected to change in the coming month, the ONDO price may also rise above the bearish influence and eventually reclaim $1 in the first few days of the month.
However, after securing these levels, forming a new ATH above $1.5 may be imminent before the end of 2024.
