The ONDO token stands at a critical juncture, with two distinct pathways emerging for its price action. According to Cryptogenous, the token could either continue its upward trajectory or experience a temporary pullback before resuming its climb toward significant gains.
Cryptogenous has been closely monitoring ONDO’s movements and notes that the token is currently adhering to his predicted path, following what he calls the “dotted line plan” toward higher prices. This development suggests promising potential for investors watching this particular asset.
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The Two Possible Scenarios for ONDO Price
“ONDO still has 2 potential scenarios that can occur but it is currently following my dotted line plan towards the upside!” Cryptogenous explains in his latest analysis. The more bullish scenario involves ONDO breaking through its current resistance level, which would likely send the price surging toward the 1.618 Fibonacci extension at $3.10 – representing over a 3x increase from current levels.
However, market conditions remain fluid, and Cryptogenous cautions that things can shift rapidly in the cryptocurrency space. If ONDO fails to maintain its upward momentum and breaks down from its current pattern, he anticipates a drop to approximately $0.77. Interestingly, this wouldn’t necessarily invalidate the bullish outlook.
“If ONDO decides to breakdown here I see it dropping to around $0.77 and testing the lower trendline forming a massive bull flag that would send it to $3.10,” Cryptogenous notes. This scenario would create what technical analysts call a bull flag pattern – a consolidation period that often precedes another strong move upward.
The Broader Crypto Market Perspective
The analysis becomes particularly relevant when considering the broader market context. Bitcoin’s price action continues to influence the entire cryptocurrency market, and Cryptogenous acknowledges this factor in his ONDO forecast.
“Be cautious as BTC still has room to go down,” he warns, suggesting that even if ONDO’s technical setup remains promising, external market pressures could temporarily impact its performance. For risk-conscious investors, Cryptogenous offers practical advice: “If you want to manage your risk be patient and wait for either a breakout and retest of the trendline or a dip into the lower buy zone.”
Read Also: Stellar Price Analysis: XLM Holds Strong in Buying Zone, Eyes Rally Toward $0.65
Currently trading around $0.98, ONDO appears to be moving within a descending wedge formation. Key resistance sits at the 0.618 Fibonacci retracement level ($1.19), while support has formed near $0.93. A decisive move above $1.27-$1.42 would likely confirm the bullish scenario, potentially clearing the path toward the $3.10 target.
Cryptogenous has committed to providing daily updates on ONDO’s price action, emphasizing the importance of the coming days for determining which scenario will ultimately play out. For traders looking to position themselves optimally, the analysis points to two primary buy zones – the current range between $0.93-$1.14 and a lower support zone around $0.77, should the price retrace further before its potential rally.
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