The price of ONDO is in the green today, with an upside of around 5% so far at the time of writing. It is also one of the tokens recovering well after the recent price crash. Some analysts expect the price to rise further from its current level.
World Of Charts analysis posted earlier today on X shows that there is a growing sense of optimism surrounding the price of ONDO. WorldOfCharts explains that after a significant drop, ONDO is recovering quickly. They believe that if the market starts to recover, this cryptocurrency could easily see a price increase of 2 to 3 times its current value.
The chart shared by World Of Charts illustrates the price movement of ONDO against USDT. Initially, ONDO price was trapped in a downward channel, marked by lower highs and lower lows.
This pattern indicated a bearish trend. However, a recent breakout from this channel suggests a shift in momentum. According to the analysis, this breakout is a bullish signal that indicates selling pressure is easing and buyers are taking control.
After the recent crash, which marked a significant correction, there was a notable rebound in price. This “V-shaped” recovery illustrates strong buying interest at lower price levels, further reinforcing the bullish sentiment outlined by World Of Charts.
The steep upward projection on the chart supports the idea that a strong bullish trend may be underway, potentially leading to a significant surge in price.
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Two Possible Scenarios for ONDO Price
If the overall market experiences bullish momentum, it could provide additional support for ONDO upward trajectory.
However, there are two possible scenarios to consider. In the bullish case, if the breakout holds and market conditions improve, ONDO could see significant gains, potentially reaching 2-3 times its current value.
Conversely, if the breakout fails and the price re-enters the downward channel, there could be further downside risk, which would invalidate the bullish setup.
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