A crypto analyst shared an analysis of Ondo (ONDO), suggesting the token could be on the brink of a significant price surge. Let’s dive into the key insights from their analysis and the implications for Ondo’s price.
The analyst, Mayo, believes we’re witnessing a critical moment for ONDO. They examined the weekly ONDO/USDT and uncovered some signals. The signs are mostly bullish, suggesting the token might be setting up for a rally.
The chart reveals a pattern known as the Wyckoff Accumulation phase. This accumulation occurred between August and December 2024. During this period, sophisticated investors were quietly building their positions. After a major breakout and subsequent correction, ONDO now appears to be stabilizing around a crucial price zone of $0.89 – $1.00
What you'll learn 👉
Bullish Indicators for Price Growth
There are some bullish indicators that make ONDO particularly attractive right now. The volume profile shows significant interest in the $0.80-$1.00 range, suggesting strong support. More importantly, if ONDO breaks through the next resistance level at $1.45, it could potentially rocket to targets between $2.50 and $3.60.
Interestingly, Mayo’s conviction isn’t just based on technical analysis. He’s also highlighting some fundamental catalysts that could drive ONDO’s price. Rumors are circulating about potential regulatory changes that might favor U.S.-connected crypto projects. ONDO growing Total Value Locked (TVL) also indicates increasing adoption.
Read Also: Analyst Predicts XRP Price Pump to $33 by May – Here’s How
The Standout Performer in the Next Leg Up
Mayo mentioned that ONDO is currently his largest position, and this is based on various factors. ONDO is expecting no token unlocks for the rest of the year. This, combined with a favorable technical setup, could make ONDO the standout performer in the next crypto market leg up.
The analysis suggests a potential downside risk if the price breaks below $0.80. However, the potential reward seems to significantly outweigh this risk. The projected gains could potentially reach 2.5x to 3.5x the current price.
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