As several altcoins recovered nicely from Tuesday’s crash, Ondo posted a major gain as it formed a bullish pattern on the daily chart. Other real-world asset tokens like Link, Algo and OM are also in the spotlight.
Ondo has provided a huge discount over the past few weeks following a broader correction to a three-month low of $0.9. A bounce occurred, and the price climbed back with a strong close above $1.2 last weekend.
It faced rejection, and the price dropped. The rejection led to Monday’s dump that caused serious panic among investors, signaling a potential bearish continuation. It later found support after testing a new monthly of $0.86 the following day. Ondo recovered and closed with a pin bar.
That indicated a potential buy, and the price increased significantly with an engulfing candle close yesterday. Reiterating actions today, the price is now on the verge of breaking up. A strong close above last week’s high should set a new tone in the market as the trend slowly reverses.
Having said that, it is important to note that Ondo’s bearish trajectory remains intact on the daily chart. A crack below this week’s low should put the asset in a more bearish state. For now, it appeared set for a shift.
ONDO’s Key Level To Watch
Source: Tradingview
Now that the price is on the verge of reclaiming last week’s $1.23 high, a break above it should send the price to $1.44 and probably $1.64.
There are currently no signs of drops. If the market pulls back, the closest level to consider is $0.99. A pull below this level could bring us back to the $0.867 low – which now holds as support. Breaking it could dip the price to $0.73 in the future.
Key Resistance Levels: $1.23, $1.44, $1.64
Key Support Levels: $0.99, $0.867, $0.73
- Spot Price: $1.27
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: miss_j/123RF // Image Effects by Colorcinch
