ONDO Holds Key Support, Climbing 10% as Bulls Regain Momentum

Key Takeaways

• Corrective phase completion near key Fibonacci retracement support.
• Descending trendline resistance remains a crucial barrier for bullish continuation.
• Potential impulsive wave formation targeting Fibonacci extensions.

Ondo (ONDO) is currently navigating a complex corrective structure but is showing early signs of a potential trend reversal.

The higher time frame suggests that ONDO is emerging from a corrective WXY pattern, while the lower time frame hints at an impulsive five-wave structure forming.

The key test remains the descending trendline, which could dictate the next significant price move.

ONDO Price Analysis

The 4-hour chart provides a broader outlook on ONDO’s price movement. It shows a completed five-wave structure followed by a complex WXY corrective pattern.

This correction has decreased the price from its peak near $2.14 to a local low of $1.18, aligning with the 0.618 Fibonacci retracement level at $1.1777.

The price recently found support within the green demand zone between $1.15 and $1.20, indicating a potential bottoming structure.

This level coincides with previous wave four support, making it a critical area for potential trend reversals.

The Relative Strength Index (RSI) on the 4-hour chart also suggests oversold conditions, further strengthening the case for a bullish reaction.

Despite this, the descending trendline resistance near $1.36 remains unbroken, acting as a major hurdle for any upward movement.

A breakout above this level would confirm a shift in momentum, potentially triggering a rally toward the 0.5 Fibonacci retracement level at $1.3614, followed by $1.5451 (0.382 Fibonacci).

However, failure to reclaim this level could result in another corrective leg lower, possibly retesting the $1.1777 support.

ONDO Price Prediction

The 1-hour ONDO chart presents a developing bullish structure with an emerging five-wave impulsive pattern.

The recent move from $1.18 to $1.25 appears to be the start of wave (i), followed by a minor corrective wave (ii), which could find support around $1.1973 before the next leg up.

A confirmation of wave (iii) would likely push ONDO toward the 1.272 Fibonacci extension at $1.3280, with further upside targets at $1.4087 (1.618 Fib) and $1.4586 (2.0 Fib).

This aligns with a potential breakout above the descending trendline, reinforcing the bullish outlook.

However, if wave (ii) extends lower and breaks below $1.1777 (0.618 retracement on the 4H chart), it would invalidate the impulsive scenario and indicate further downside consolidation.

The RSI on the hourly chart remains neutral, suggesting room for upside if buyers step in.

The immediate structure favors a bullish breakout scenario, but confirmation will depend on ONDO holding above the $1.18 region and successfully breaching the $1.36 resistance.

A rejection at these levels would delay the bullish case, leading to another consolidation phase.

Key Levels to Watch

• Immediate Resistance: $1.3280 (1.0 Fibonacci extension).
• Key Resistance: $1.3614 (0.5 Fibonacci retracement).
• Major Resistance: $1.4087 – $1.4586 (1.618 – 2.0 Fib extension).
• Immediate Support: $1.1973 (Wave ii retracement level).
• Key Support: $1.1777 (0.618 Fibonacci retracement).
• Critical Support: $1.15 (demand zone, potential invalidation level).