Technical analysis from crypto analyst Solberg Invest suggests ONDO could be setting up for a short-term rally. Looking at the daily timeframe on ONDO/USDT chart, a pattern is emerging that might interest both traders and investors.
The cryptocurrency has been trading in a descending channel for some time. It has had a clear downward trendline acting as resistance. However, there is a strong support zone between $1.12 and $1.18, where ONDO has repeatedly found buying interest. This price action has created what the analyst calls a compression zone, suggesting a big move could be brewing.
Key Targets to Watch Upon ONDO Price Breakout
According to Solberg Invest’s analysis, if ONDO can maintain its position above current support levels, the stage could be set for a powerful upward move. The first key target sits at $1.40. If this also breaks then the next target is at $1.80 – representing a potential 70% gain from current levels.
There is the formation of a W-shaped pattern, which is often considered a reliable reversal signal in technical analysis. As Solberg Invest points out in their recent market update, the bullish structure remains intact as long as ONDO holds above the current support zone.
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For this bullish scenario to play out, ONDO needs to decisively break above the descending trendline that has been capping price advances. Watching these support levels is crucial for confirmation of the bullish outlook.
Whether this potential 70% rally materializes will largely depend on the cryptocurrency’s ability to maintain its promising technical structure and successfully break through key resistance levels.
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