- A falling wedge pattern formed on ONDO’s chart, which might trigger a 50% rally.
- Most metrics and market indicators looked bullish.
As a researcher with a background in technical analysis, I find ONDO’s recent price action intriguing. The falling wedge pattern that Captain Faibik pointed out on the token’s chart is a bullish sign and could lead to a significant price surge if validated by a breakout above the resistance level.
Last week, ONDO’s dominance in the market persisted, with its price chart displaying a persistent red hue. Yet, as a researcher closely following this asset, I urge investors to exercise patience. The current market dynamics could be setting the stage for an impressive bull rally in the near future. Let me explain what might be unfolding.
ONDO’s latest bullish move
On the 24th of June, ONDO experienced a significant decline in price according to data from CoinMarketCap. Although it subsequently rose, ONDO failed to completely bounce back and its price remained approximately 4% lower than the previous week.
As I pen down this text, the token is currently priced at $1.16 on the markets, boasting a market capitalization that surpasses the $1.6 billion mark.
According to AMBCrypto’s analysis of data from IntoTheBlock, the number of long-term ONDO holders reducing their positions after holding for a year has been on the rise.
Instead, those who had recently acquired the tokens showed surprising levels of engagement and growing numbers among the cruisers.
As a long-term crypto investor, I’m keeping an eye on ONDO’s price action. Recently, I’ve noticed a bullish pattern emerging on its chart, which could potentially pique my interest and that of other long-term holders.
Captain Faibik, a renowned cryptocurrency analyst, recently shared on Twitter his observation of a falling wedge formation in the token’s price chart. This pattern has contained the token’s price action since early June. At present, the token is poised for a potential price surge as it nears the breakout point.
If the price breaks through significantly, it could lead to a rise of over 50% for ONDO. Remarkably, this trend bears resemblance to what transpired in its chart back in March. ONDO surpassed this pattern in April, igniting a rally that concluded around the start of June.
Will ONDO test the bull pattern?
Since there were chances of yet another bull rally, AMBCrypto assessed Santiment’s data.
Based on our examination, the token’s trading volume decreased in tandem with its falling price, signaling a potential buying opportunity. Additionally, the token’s MVRV ratio has shown improvement over the past few days.
Furthermore, the open interest for the token decreased. When this measure goes down, it suggests that there is a greater likelihood of the existing price trend reversing.
Despite an increase in ONDO’s NVT ratio, implying that the token might be overvalued, further price reduction could be anticipated.
After examining the daily price chart for the token, we looked for signs of an uptrend using various indicators. Notably, the MACD technical indicator showed strong potential for a bullish crossover event.
Read ONDO’s Price Prediction 2024-25
The Chaikin Money Flow (CMF) registered a slight uptick, indicating a possible price rise.
The RSI indicator remained stable around its neutral level, implying the possibility of some more days with minimal price action.
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2024-06-28 21:12