The ONDO token has been on the move after breaking out of a key descending channel. This technical move signals a potential shift in market momentum.
Analyst Jonathan Carter highlighted the breakout in a tweet, focusing on the token’s upward trajectory. His analysis points to specific price targets that could see ONDO gain traction.
What you'll learn 👉
ONDO Price Breakout Confirms Bullish Momentum
Carter’s analysis notes that ONDO had been trading within a descending channel, marked by lower highs and lower lows. This bearish pattern persisted until a breakout above the channel resistance occurred.
#ONDO
— Jonathan Carter (@JohncyCrypto) January 20, 2025
Token has confirmed breakout from the descending channel pattern and the ma 50 on the 8-hour timeframe💥
Expect price to advance towards targets at $1.555, $1.925 and possibly $2.120🎯 pic.twitter.com/xQ234SGO3M
The breakout, supported by a move above the 50-period moving average (MA 50), signals a shift in momentum. Carter emphasized that this move could pave the way for higher price levels, provided the breakout sustains.
Key ONDO Price Levels to Watch
The analyst identified critical price targets for ONDO’s bullish advance. The first target, $1.555, represents a key psychological and resistance level. Beyond this, Carter pinpointed $1.925 as a key resistance zone.
The ultimate target of $2.120 aligns with a major resistance area above the channel. Immediate resistance at $1.377 could see short-term consolidation before further gains.
Technical indicators support Carter’s bullish outlook. The RSI sits around 54.79, suggesting room for further upward movement. The visible range volume profile highlights a high-volume node around $1.377-$1.555, indicating potential consolidation before the next leg up. At publication, ONDO trades around $1.30, down the last day but up for the week.
Read also: Why Is Raydium (RAY) Price Pumping? These On-Chain Metrics Explode
Support Zones Offer Safety Net
ONDO’s support near $1.155 has acted as a strong base during its descending phase. Carter noted that this zone would remain crucial in case of a retest. The MA 50 further reinforces this level as a dynamic support, offering traders confidence in the bullish case.
With clear breakout signals and defined targets, ONDO is shaping up as a token to watch. As Carter suggests, sustained momentum could propel the price towards $2.120 soon.
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