ONDO Up 31% Despite Showing Choppy Price Action

Key Takeaways

• ONDO forms a new bullish wave after completing ABC correction.
• RSI recovery supports continuation toward $2.14 resistance level.
• Wave (iii) targets $1.92, with strong Fibonacci confluence.

The ONDO chart demonstrates a textbook Elliott Wave progression, highlighting a five-wave impulse on the higher time frame and an ABC correction on lower time frames.

This setup provides significant insight into the current market dynamics and potential price pathways.

ONDO Price Analysis 

The daily ONDO chart illustrates a completed five-wave impulsive Elliott Wave structure, with an all-time high at $2.14 on Dec. 16.

Following this, the ABC corrective structure unfolded, bottoming out near $1.17 at the 0.618 Fibonacci retracement. This corrective low marked the transition into a potential new bullish phase.

The price has since broken out of a descending wedge, signaling renewed bullish momentum.

The daily Relative Strength Index (RSI) shows a steady recovery, transitioning from oversold territory and now approaching a neutral zone, suggesting room for further upward movement.

Fibonacci retracements provide critical levels: the 0.236 level at $1.77 represents immediate resistance, while the 0.382 retracements at $1.54 act as a pivot zone. 

A decisive break above $1.77 would likely confirm a continuation toward the previous high of $2.14, which aligns with significant horizontal resistance. Failing to do so might result in a pullback to retest $1.36 or even $1.17.

ONDO Price Prediction 

Zooming into the lower time frame, ONDO forms a smaller five-wave impulsive structure within the broader uptrend.

Wave (i) has completed near $1.55, followed by a shallow corrective wave (ii) retracing to $1.36, aligning with the 0.5 Fibonacci retracement.

Wave (iii) appears to be in progress, targeting the 1.618 Fibonacci extension at $1.92. This wave is typically the strongest and aligns with heightened buying interest. RSI on this time frame shows strong bullish momentum but nears overbought levels, indicating a potential short-term pullback before continuing higher.

If it forms, Wave (iv) could retrace to $1.77 or $1.65, offering another opportunity for buyers. The final Wave (v) may aim for $2.14 or higher extensions, contingent on sustained bullish momentum and favorable macro conditions.

Key Levels to Watch

• Immediate Resistance: $1.77 (0.236 Fibonacci retracement).
• Secondary Resistance: $2.14 (recent peak).
• Immediate Support: $1.54 (0.382 Fibonacci retracement).
• Critical Support: $1.36 (0.5 Fibonacci retracement) and $1.17 (0.618 retracement).
• Short-Term Target for Wave (iii): $1.92 if momentum persists.
• Invalidation Zone: Below $1.17 would nullify the bullish wave count.
• This technical setup highlights ONDO’s potential to resume its bullish trajectory. The key levels and wave counts provide a clear framework for traders to anticipate its next move.