ONDO’s Price Bounces, Eyes $0.93 Resistance; Monero (XMR) Charts Critical Channel – Expert Analysis

Crypto experts have analyzed and highlighted the price trajectories of ONDO and Monero (XMR). ONDO is showing signs of a potential rebound from a crucial support level, while XMR continues to trade within a sideways channel. 

ONDO Tests Support, Eyes Resistance

Captain Faibik, a top crypto analyst, recently shared insights on ONDO’s price action. The digital asset is currently testing a critical horizontal support level at $0.68. Notably, ONDO has begun to bounce back from this support, indicating potential bullish momentum.

According to Captain Faibik’s chart, ONDO is trading within a Descending Broadening Wedge pattern. This technical formation suggests a possible trend reversal or continuation upon breakout. If the current bounce continues, ONDO could target the $0.93 resistance level.

The analyst expressed confidence in ONDO’s prospects, stating, “Few days ago, I bought ONDO for Midterm and am now Adding more.” This bullish sentiment aligns with the observed technical indicators on the daily chart.

Monero (XMR) Navigates Sideways Channel

Meanwhile, Monero (XMR) presents a different trading scenario. According to analysis by altFINs, XMR is trading within a Sideways Channel. This neutral pattern often indicates market indecision and offers distinct strategies for different types of traders.

For trend traders, patience is key. The analysis suggests waiting for a breakout above the $180 resistance level. Such a move would signal a continuation of the long-term uptrend, with a potential 10% upside to $200.

Source: altFINS – Start using it today

Swing traders, however, may find opportunities within the channel. The analysis recommends entering near the channel support of $146-$150, targeting a 20% upside to $180. A suggested stop-loss is set at $134, below the prior swing low.

Mixed Trends and Momentum

XMR’s trend analysis reveals a complex picture. In the near term, the trend is strongly down, while neutral in the medium term. Interestingly, the long-term trend shows strong upward momentum, highlighting the importance of timeframe selection in trading decisions.

Momentum indicators for XMR currently lean bearish. The MACD Line has crossed below the MACD Signal Line, suggesting downward pressure. However, the RSI indicates that XMR is neither overbought nor oversold, providing a balanced perspective on price action.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Read also: Is Dogecoin Dead? DOGE Price Prediction

Key Levels to Watch

For ONDO, the crucial support at $0.68 and resistance at $0.93 are pivotal levels. Traders should monitor these points for potential breakouts or reversals. Monero traders should keep an eye on the $150 support and $180 resistance levels within the sideways channel.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo