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ONDO and PENDLE Inch Closer to Full Recovery from Recent Dip – New All-Time Highs in Sight?

Last Updated April 15, 2024 9:40 AM
Valdrin Tahiri
Last Updated April 15, 2024 9:40 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The total cryptocurrency market capitalization fell nearly 10% between April 12 and 13.
  • ONDO has recovered over 80% since the decrease and is nearing an all-time high.
  • Even though it has only increased by 35%, the PENDLE price is close to an all-time high.

After a sharp decrease on April 12 and 13, several cryptocurrencies have bounced, recovering a significant portion of the previous losses. ONDO and PENDLE are at the forefront of this resurgence, approaching their all-time high prices.

Since cryptocurrencies that show strength after a market correction are often the first ones to break to new highs, the question arises as to whether ONDO and PENDLE will reach new highs.

ONDO Price Recovers Losses

The ONDO price fell after reaching its all-time high of $1.06 on March 31. The decrease led to a low of $0.55 on April 12, a drop of nearly 50% since the high. However, ONDO bounced afterward, creating a very long lower wick (green icon).

The bounce validating an ascending support trend line existing for 58 days. Since then, ONDO has created successive daily bullish candlesticks and is creating the third one. Today, it reached a high of $1.03, slightly below its all-time high.

ONDO Price Increase All-Time High
ONDO/USDT Daily Chart | Credit: TradingView

The daily RSI and MACD both support the continuing of the increase. The RSI just moved above 50 while the MACD is close to making a bullish cross (green circles). Both readings are associated with bullish trends.

If ONDO breaks out above the $1 resistance, it can increase another 40% to the next resistance at $1.37. Conversely, a rejection can trigger a 35% drop to the ascending support trend line at $0.70.

Can PENDLE Reach New All-Time High?

Similarly to ONDO, PENDLE fell sharply after its all-time high of$7.54 on April 11. Unlike ONDO, the price broke down from its ascending support trend line before reaching a low of $4.89 on April 13. The price has bounced significantly since, returning to the $6.65 horizontal resistance area.

Despite the bounce, both the RSI and MACD give bearish readings. The bearish divergence trend line in the RSI is still intact (green), while the MACD has made a bearish cross (red icons). Therefore, the readings for PENDLE are less optimistic than the ones for ONDO.

PENDLE Price Approaches All-Time High
PENDLE/USDT Daily Chart | Credit: TradingView

The reaction to the $6.65 area will contribute to determining the future trend’s direction. A breakout can trigger a 40% increase to the next resistance at $9.14, while a rejection can cause a 25% drop to the closest support at $4.90.

Recovery Chances Differ

To conclude, both ONDO and PENDLE  have recovered admirably since the correction. However, due to indicator readings and price structure, the ONDO price has a higher likelihood of reaching a new all-time high in the near future compared to PENDLE.

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