Key Takeaways
- The descending wedge is nearing completion, signaling a potential reversal.
- Bullish divergence on RSI, indicating upward momentum.
- A breakout above $0.96 could confirm a bullish continuation.
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Ondo (ONDO) has completed a significant corrective phase, forming a descending wedge on the higher time frame.
The current price action suggests a potential breakout, with early signs of a bullish recovery emerging.
The lower time frame chart highlights a possible impulsive wave structure, which could indicate a trend reversal if key resistance levels are breached.
ONDO Price Analysis
ONDO has been in a prolonged downtrend, forming a clear descending wedge since reaching a high of $2.13 in mid-December.
The Elliott Wave structure suggests a completed W-X-Y correction, with wave Y bottoming near $0.73, aligning with the horizontal support level from last year.
The 0.786 Fibonacci retracement at $0.91 remains a crucial resistance level. Historically, a breakout from this region has triggered strong upside moves.
The Relative Strength Index (RSI) shows bullish divergence, indicating seller exhaustion and a potential trend reversal.
Since its recent low, we saw an increase of nearly 20%, which could be an early sign of the staring bull phase.
A confirmed breakout above $0.96 would open the door for higher targets, with $1.18 (0.618 Fib) and $1.36 (0.5 Fib) acting as major resistance zones.
However, failure to hold $0.73 could invalidate the bullish scenario and lead to a deeper decline toward $0.58.
ONDO Price Prediction
The 1-hour chart suggests ONDO is in the early stages of a bullish impulse wave after bottoming out near $0.73.
The price has already formed the first five-wave structure, which is assumed to be wave 1 of the higher degree count.
If this is true, we are currently seeing the development of the second sub-wave, which could lead to a slighter pullback.
A short-term correction (wave ii) could retest $0.81-$0.85 before continuing higher. The next breakout level is $0.96, which aligns with the 1.0 Fibonacci extension.
If ONDO clears this level, it could rally toward $1.05 (1.618 Fib) and $1.11 (2.0 Fib).
In the bearish case, rejection at $0.96 could lead to a deeper retracement, potentially testing $0.73 again.
However, as long as RSI remains above 40, the bullish outlook remains valid, with $1.05-$1.18 as key upside targets in the coming days.
ONDO is on the verge of a breakout, with a bullish structure building. A successful impulse wave completion could confirm trend reversal, while failure to hold key supports may delay upward progress.
Key Levels to Watch
- Immediate Resistance: $0.96 (1.0 Fib extension).
- Key Resistance: $1.05 (1.618 Fib extension).
- Major Resistance: $1.18 (0.618 Fib retracement).
- Immediate Support: $0.85 (wave ii retracement).
- Critical Support: $0.73 (last correction low).
- Short-Term Target for Wave (v): Above $1.10 if momentum sustains.
- Invalidation Zone: Below $0.73, confirming further downside risk.
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