World Of Charts made a post that shows that Ondo has recently bounced strongly, indicating resilience after a downtrend. Currently, the price is correcting and has reached an important support area. This crucial zone will determine whether Ondo can maintain its bullish momentum.
The crypto analyst expresses a desire to accumulate more positions if Ondo holds this level during a retest, viewing it as a strategic buying opportunity.
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Breakout From Descending Channel Is a Bullish Signal
The analysis of the ONDO/USDT trading pair reveals that Ondo has broken out of a descending trendline, suggesting a shift from bearish to bullish sentiment. The strong bounce from a lower support level reinforces the asset’s ability to reverse its previous downtrend.
If Ondo successfully holds this support area, there is significant potential for a massive rally. The breakout from the trendline, coupled with recent bullish activity, indicates that buyers are gaining control.
The analysis projects a possible rally of approximately 110%, with a target price of around 1.70 USD, which presents a substantial upside from current levels.
However, there are risks involved. If Ondo fails to maintain the current support, it could invalidate the bullish outlook and lead to a deeper correction. Thus, the strategy relies heavily on the support level holding during the retest phase.
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