- ONDO’s current setup near a critical resistance suggests a possible upward surge to $3.
- Recent price action hints at a breakout from a prolonged bearish pattern, signaling bullish momentum.
- ONDO’s performance reflects similar movements in altcoins, signaling a potential market-wide recovery.
The cryptocurrency market has been keenly watching Ondo as it drives a major multi-resistance level. Experts believe that the breakout effectively may double the price and bring the token as close as to $3.
Technical Setup Suggests Upward Momentum
The price of ONDO has been trading in a descending channel for several weeks and tries to find an entry point for a reversal. The chart illustrates the activity of the token, more specifically, the token has touched a critical line that has resistance in the current trend. The breakout, if confirmed, could signify the start of a new bullish phase for the asset.
As the chart points out, although there are some fluctuations, there is a rising trend with a 2x figure stated as a possible goal from the present rate. In the event that ONDO clears this multi-resistance area the price could quickly surge upwards with $3 as the next resistance level.
Resistance and Support Levels to Watch
The zone of resistance has acted as a sole limitation to the progress of ONDO in the short-run. At the time of writing, ONDO is trading at $1.20, which has withdrawn a 7.6% loss within the observed period of time.$1.48 is the highest price level of ONDO in the present trading session and may prove to be a resistance level for the future trading of the cryptocurrency.
The flip side is that the token has recently hit a low within the channel, which presents a significant support level. This support must be upheld to ensure that the bearishness is eliminated and traders alike have hope for the token in the short term potential.
Market Broader Implications
On the same note, the activity regarding ONDO is in congruence with other Cryptocurrencies that are in the market. Given that several altcoins show that they are finally bouncing back, ONDO may very well embolden other tokens that are seeking to recalibrate.
This breakout confirmation pattern could lead investors back into other such assets that are near vital resistance levels. Technical analysis reveals that we need to conquer the present resistance area to continue the bullish run. In light of this shift, the performance of ONDO within this opportune time may hold valuable information to other verticals of the entire crypto market.
The post Key Resistance at $1.48: Can ONDO Surpass and Target $3 Next? appeared first on Cryptonewsland.
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