- ONDO’s $0.50 support is crucial for preserving its bullish structure.
- The falling wedge pattern suggests breakout potential if volume confirms the move.
ONDO ($ONDO) is under pressure after breaching its April 2024 low, raising concerns among market watchers. Technical analysts, including Morecryptoonl, report that ONDO has dropped below its April low, shifting the focus to the $0.50 support level.
This zone, which held as the bottom in August 2024, is considered critical. A breakdown below this level may trigger further downside and risk invalidating the current bullish Elliott Wave structure.
The ongoing wave count suggests the asset may be completing a corrective (b) wave. If $0.50 holds, it could support the launch of a bullish wave iii, with targets set above $1.13. A confirmed breakout above $1.13 would mark a structural recovery and could open the door to new all-time highs.
Falling Wedge Suggests a Reversal Setup
The daily chart shows ONDO forming a falling wedge pattern, a structure often linked to bullish reversals. Despite this, the price continues to face rejection at the descending resistance line.Â
This consistent seller pressure is balanced by a buildup of consolidation, indicating that a breakout may be nearing. Analysts note that the $0.95 zone has acted as a critical resistance area.
This level is now marked as a possible breakout target (TG1). If price pushes through this barrier with strong volume, it could validate the wedge pattern and shift momentum.
At press time, ONDO trades at $0.7398, reflecting a 0.45% gain in the last 24 hours. The token has shown mild intraday movement, fluctuating between $0.735 and $0.750. The recent 3.68% daily drop keeps ONDO within its tight wedge formation.
In summary, ONDO’s technical outlook remains finely balanced. The $0.50 support is crucial in maintaining the current bullish thesis.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
