ONDO is getting a lot of interest from crypto traders lately, as everyone watches how its price is moving. Crypto expert George shared his thoughts on X (formerly Twitter) about where ONDO’s price might be headed. He thinks things are looking good – especially if ONDO keeps bouncing back and pushes past the price levels that have been holding it down.
The ONDO price recently saw a dip below its local range, a move often referred to as a “liquidity grab.” This price action triggered stop-loss orders but was followed by a sharp rebound back into the range. Such movements are indicative of buyers stepping in to defend support levels. The asset’s current price is trading within this range, showcasing resilience and potential for upward momentum.
A former all-time high (ATH) level, previously a resistance zone, now serves as a strong support. The price breaking above this ATH marks a bullish shift in sentiment. Traders are closely watching whether ONDO’s price can sustain its position above this level to confirm continued strength.
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Local Range and Key Resistance Levels
After breaching the ATH, ONDO established a local range, with the upper and lower bounds clearly defined. A red horizontal line in the chart represents the midpoint or “mean” of this range. The midpoint acts as a pivotal level, and a breakout above it is often seen as a bullish signal.
Resistance lies at the upper bound of the range, where traders anticipate a potential breakout could trigger a rapid move to new highs. However, the lower range remains a critical support zone, as failure to hold this level could weaken bullish momentum.
Insights from the Tweet
George’s tweet describes ONDO’s ability to recover quickly after sweeping lows, which suggests strong underlying demand. The tweet also highlights the possibility of a breakout above the range’s midpoint, with George confirming he has taken long positions and purchased more at spot prices. His confidence in ONDO’s bullish potential has drawn interest from the trading community.
Read Also: Why Is Movement (MOVE) Price Pumping?
Bullish Structure Remains Intact
The overall price structure for ONDO reflects an uptrend, characterized by higher highs and higher lows before entering its current consolidation phase. As long as the price stays above the former ATH and within the local range, bullish momentum remains intact. Traders are now monitoring the range’s midpoint for signs of continued strength and potential movement toward new all-time highs.
ONDO’s current price action and market structure suggest a pivotal moment, as buyers and sellers compete near key levels.
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