ONDO price has been stuck inside a downward channel for months, bouncing lower every time it tried to move up. But that has finally changed.
According to World Of Charts, the popular analyst behind the @WorldOfCharts1 account, ONDO has just broken through a key resistance line that has been capping its price since early May.
Analyst Expects ONDO Price to Double After Breakout
In the chart shared by World Of Charts, you can see ONDO price grinding lower inside two parallel black lines that formed a falling channel. Every time ONDO touched the upper line, it dropped back down. But over the past couple of weeks, something shifted. ONDO started rising sharply and pushed above the resistance area marked in red around $0.75 to $0.78.
World Of Charts explains that this breakout is important because it suggests ONDO price could be done with the downtrend. The analyst believes that now the coin could move up as much as 65% from the breakout point, which would send the price close to $1.30. The chart shows an upward blue arrow starting at the breakout level and projecting a target zone that would almost double ONDO’s price.
ONDO Price Needs to Hold Above Support for Rally to Continue
This bullish scenario comes after ONDO has already jumped about 30% in the past 12 days. The price is now holding above the resistance line, turning it into a new support. This kind of breakout with strong volume often signals the beginning of a bigger move. World Of Charts thinks this could open the door for a full 2x rally in the coming weeks if ONDO price maintains its momentum.
Traders watching ONDO now have a clear level to watch. As long as the price stays above the red resistance-turned-support area, the analyst says the odds favor a continuation higher. But if ONDO falls back below this zone, the bullish setup could fail and price might return to the previous downtrend.
Read Also: Here’s Why BONK Price Is Up Today
World Of Charts’ analysis shows that ONDO price breaking the key resistance is not just a random spike. It could be the start of a major trend reversal with enough fuel to push ONDO price up significantly. Many traders are now keeping an eye on this breakout to see if it turns into the explosive rally the analyst expects.
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