ONDO price has been consolidating between $1.0 and $1.6 from the end of December. The price looks like it could break out either way (bullish or bearish). However, a chart pattern shows that the bulls may come out victorious in the price war with a target of around $5 this bull run.
According to Crypto Patel, with more than 60,000 followers on X, ONDO price trajectory shows promising potential for growth in the current bull market. In his technical analysis shared on February 8th, Patel emphasizes that a $5 target remains not just possible, but highly probable.
What you'll learn 👉
The Technical Backdrop for ONDO Potential Rise
The ONDO/USDT trading pair has established a clear ascending channel pattern, with price action consistently respecting both upper and lower boundaries. This structured movement suggests strong market control and predictable trading ranges, making the $5 target particularly compelling.
Crypto Patel chart shows the $1 region as an optimal entry zone, noting the presence of strong historical support between $0.90 and $1.10. This area has repeatedly demonstrated its significance as an accumulation zone where buyers tend to step in aggressively.
ONDO Price Path to $5 and Beyond
In analyzing the price structure, Patel projection shows a potential corrective move toward the $1 support zone before initiating its next major leg up. The ascending channel formation supports this thesis, with the $5 target aligning perfectly with key technical resistance levels.
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While Patel maintains a primarily bullish outlook, he doesn’t rule out even higher potential, suggesting $10 as a possible, albeit more ambitious, target. However, he emphasizes that $5 represents a more conservative and achievable goal for investors.
The analysis hinges on the price maintaining its position within the ascending channel and continuing to respect key support levels.
A key takeaway from Patel’s analysis is the importance of patient entry around the $1 mark, rather than chasing the price at higher levels. This strategic approach aligns with sound risk management principles while maximizing potential upside.
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