Ondo (ONDO) Bounces Back After Sideways Movement, Eyes $2 Price Target

Key Takeaways

• The bullish breakout from the corrective structure signals trend reversal.
• Wave (ii) retest suggests an Elliott Wave impulse unfolding.
• Key resistance at $1.55 aligns with Fibonacci retracement.

Ondo (ONDO) has recently completed a corrective wave and is showing signs of a potential bullish impulse.

The 4-hour chart provides a broader market context, while the 1-hour chart presents short-term projections using Elliott Wave Theory and Fibonacci levels.

ONDO Price Analysis 

On the 4-hour chart, Ondo has undergone a prolonged correction following its prior Wave (V) peak at $2.13 on Dec. 16.

The decline unfolded within a clear ABC corrective structure, with Wave C bottoming out at $0.91 (0.786 Fibonacci retracement). 

This level aligned with a major Fibonacci retracement zone (0.786 level), suggesting a potential reversal zone.

A prior downtrend channel was broken, indicating a shift in market sentiment. After completing the corrective sequence, the price has rebounded and is now consolidating near $1.40, testing the 0.5 Fibonacci retracement at $1.36. 

The recovery also aligns with the 4-hour Relative Strength Index (RSI) bouncing from oversold conditions, further supporting a potential bullish continuation.

The previous rejection at $1.54 (0.382 Fibonacci level) indicates a key resistance level that needs to be cleared for further upside. If ONDO sustains momentum above this range, it could validate a broader uptrend.

Overall, the higher time frame structure suggests that ONDO has transitioned out of its correction and is setting up for a potential impulsive wave formation, with upcoming resistance levels as confirmation points for trend continuation.

ONDO Price Prediction

The 1-hour chart provides a more detailed outlook on ONDO’s short-term wave structure.

The recent 55% bounce from $0.91 suggests initiating a five-wave Elliott impulse, with Wave (i) having completed around $1.45 before a corrective Wave (ii) pullback to $1.29.

The price appears to form a base near the 0.5 Fibonacci retracement ($1.36), a typical support zone for Wave (ii) corrections.

A breakout from the consolidation phase would confirm Wave (iii) progression, with initial resistance near $1.54 and extended targets at $1.77 (0.236 Fibonacci retracement from the prior high).

If ONDO follows the projected five-wave structure, Wave (iii) could extend to $1.77, with a minor Wave (iv) pullback before extending to higher levels, targeting the $2.10 region (prior peak).

The RSI on the lower time frame is recovering from neutral levels, suggesting that bullish momentum is still building.

A failure to hold $1.36 could invalidate the immediate bullish outlook, potentially leading to a deeper retest near $1.17 (0.618 Fibonacci level).

However, if the structure remains intact, ONDO appears primed for a breakout above $1.54, targeting $1.77 and potentially higher.

Key Levels to Watch

• Immediate Resistance: $1.54 (0.382 Fibonacci retracement).
• Key Support: $1.36 (0.5 Fibonacci retracement).
• Critical Support: $1.17 (0.618 Fibonacci retracement).
• Short-Term Target for Wave (iii): $1.77 if breakout sustains.
• Invalidation Zone: Below $1.17, breaking the bullish structure.