ONDO Recovery Begins With 37% Price Surge Following Multi-Week Correction
Key Takeaways
- ONDO broke out from a long-term descending channel.
- RSI suggests momentum may support further upside.
- Micro count indicates wave (v) may be underway.
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ONDO appears to have completed a multi-month correction and shows signs of a bullish reversal.
A breakout from the long-term descending channel and a possible five-wave impulse structure on lower time frames hint at a potential continuation higher.
However, resistance levels are still being tested.
ONDO Price Analysis
ONDO has completed a prolonged W-X-Y-X-Z complex correction, bottoming at $0.66 on April 7.
The descending channel that defined the downtrend from its Dec. 16 peak at $2.13 has been broken on April 9, indicating a shift in momentum.
The price retraced from the $2.13 high to a low of $0.66, with the most recent leg finding support around $0.73, also aligned with key historical demand.
After testing this low, a sharp upward move followed, pushing the price above $0.78, the upper trendline of the descending channel.
This confirms a breakout and likely ends the corrective structure.
Currently, ONDO is retesting the 0.786 Fibonacci retracement level near $0.91.
A sustained close above this level would confirm the breakout’s strength and open room toward the $1.17 zone, where the 0.618 retracement of the entire bearish move lies.
The Relative Strength Index (RSI) on the 4-hour chart is climbing steadily, exiting the oversold region.
This supports a bullish momentum thesis, although some consolidation could occur before continuation.
ONDO Price Prediction
Zooming in on the 1-hour chart, the structure suggests ONDO is in the final stages of an impulsive 5-wave move.
Following wave (ii) low at $0.68, the price sharply advanced to $0.89 (wave iii) before entering a consolidative ascending channel structure for wave (iv).
Wave (v) may now unfold, with potential targets projected via Fibonacci extensions.
The 0.618 extension is $0.95, the 0.786 is $0.99, and the 1.272 extension is $1.08.
These serve as potential resistance points if bullish momentum continues.
A clear impulsive structure (i)-(ii)-(iii)-(iv)-(v) forming on the 1-hour chart reinforces this potential uptrend.
However, wave (v) may fail early if the price breaks below $0.837, invalidating this bullish outlook.
RSI on the 1-hour timeframe also supports the upside with higher lows, although not yet in overbought territory.
A rejection below $0.88 and a sustained move under the wedge structure could indicate a failed impulse and return to support testing.
Key Levels to Watch
- Major Support: $0.68 (Wave ii low), $0.730 (historical demand zone).
- Immediate Resistance: $0.916 (0.786 retracement resistance).
- Breakout Confirmation: Sustained move above $0.916.
- Invalidation Level: Break below $0.837.
- Fractal Watch Zone: $0.995–$1.09 (Final targets for wave (v)).
