Ondo is on the verge of a breakout following months of bearish momentum. With open interest surging, will the bulls break above $0.9000?
Ondo has faced bearish pressure since the start of the year, with the price action forming lower highs and lower lows. As of press time, ONDO is trading at $0.8889, a 1.40% price surge in the past 24 hours, with 18.67% trading volume per CoinMarketCap. With the bulls taking charge, ONDO could be eyeing a breakout.
A Look into ONDO’s Technical Setup
Technical analysis points to weeks of bearish momentum on the 12-hour chart. Ondo has been consolidating in a descending channel pattern formation since late 2024. However, the price correction phase could be nearing its end as ONDO eyes a breakout near the $0.9000 key resistance zone on its descending trendline.
ONDO’s open interest has surged by 15.15% according to Coinglass data. This signals renewed market interest as buyers step up, anticipating a breakout and potential bull rally toward $1.8 and beyond.
According to crypto analyst World of Charts on X (formerly Twitter), Ondo could be eyeing $1.47 as the mid-term price target, signalling a strong upside following a long-term bearish momentum. The MACD (12,26) and the short-term moving averages on the daily timeframe are flashing “buy,” suggesting heightened buying pressure.
If the buyers step in with high volume, ONDO’s breakout could spark weeks of price reversal and rally from its lows. Traders are monitoring ONDO’s behaviour, open interest, whale activity, and buying volume around the $0.9000 for further insights.
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.
