The ONDO token is catching everyone’s eye in the crypto market. Looking at the charts, things are starting to heat up. Top analyst Crypto Winkle shared some insights on X (formerly Twitter) about the token.
He claimed that the 4-hour chart shows ONDO’s price breaking out of its pattern in a good way. Based on how things are moving, we might see ONDO climb to around $2.5, which would mean a pretty nice 60% gain from where it is now.
What you'll learn 👉
ONDO Chart Analysis: Bullish Flag Pattern and Breakout Observed
The chart for ONDO reveals a bullish flag pattern, a technical structure known for indicating the continuation of an upward trend. This pattern is characterized by an initial price surge (flagpole) followed by a consolidation phase within parallel downward-sloping lines (the flag).
Crypto Winkle’s analysis shows that ONDO’s price has broken above the upper boundary of the flag, confirming the breakout. This movement suggests that the upward momentum is resuming. The projection of the flagpole’s height suggests a price target near $2.5, marking a potential gain of approximately 60% from the breakout point.
Technical Indicators Support the Bullish Sentiment
Key technical indicators reinforce the optimism surrounding ONDO’s price movement. The Exponential Moving Average (EMA) at $1.64 serves as a critical reference point, with the current price trading above this level. This position signals that buyers have the upper hand in the market.
The Moving Average Convergence Divergence (MACD) indicator is neutral at 0.00, yet the chart hints at a potential upward cross. This development could signal increasing momentum and further strengthen the bullish outlook for ONDO.
Read Also: This Analyst Predicts That HNT Can Rally 6x Easily – Helium Price Prediction
ONDO Price Targets and Key Levels to Watch
The analysis identifies $2.5 as the primary resistance level to monitor, where selling pressure may emerge. On the other hand, the lower boundary of the flag serves as a support zone, essential for maintaining the upward trajectory.
Crypto Winkle’s tweet encapsulates the bullish sentiment, emphasizing the breakout and potential for strong upward momentum. With the current technical setup, ONDO/USDT remains a closely watched trading pair for market participants anticipating further price increases.
As ONDO’s price continues to gain traction, traders are closely monitoring its performance to capitalize on the potential rally.
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