ONDO’s Price Bounces, Eyes $0.93 Resistance; Monero (XMR) Charts Critical Channel – Expert Analysis
Crypto experts have analyzed and highlighted the price trajectories of ONDO and Monero (XMR). ONDO is showing signs of a potential rebound from a crucial support level, while XMR continues to trade within a sideways channel.
What you'll learn 👉
ONDO Tests Support, Eyes Resistance
Captain Faibik, a top crypto analyst, recently shared insights on ONDO’s price action. The digital asset is currently testing a critical horizontal support level at $0.68. Notably, ONDO has begun to bounce back from this support, indicating potential bullish momentum.
According to Captain Faibik’s chart, ONDO is trading within a Descending Broadening Wedge pattern. This technical formation suggests a possible trend reversal or continuation upon breakout. If the current bounce continues, ONDO could target the $0.93 resistance level.
The analyst expressed confidence in ONDO’s prospects, stating, “Few days ago, I bought ONDO for Midterm and am now Adding more.” This bullish sentiment aligns with the observed technical indicators on the daily chart.
Monero (XMR) Navigates Sideways Channel
Meanwhile, Monero (XMR) presents a different trading scenario. According to analysis by altFINs, XMR is trading within a Sideways Channel. This neutral pattern often indicates market indecision and offers distinct strategies for different types of traders.
For trend traders, patience is key. The analysis suggests waiting for a breakout above the $180 resistance level. Such a move would signal a continuation of the long-term uptrend, with a potential 10% upside to $200.
Swing traders, however, may find opportunities within the channel. The analysis recommends entering near the channel support of $146-$150, targeting a 20% upside to $180. A suggested stop-loss is set at $134, below the prior swing low.
Mixed Trends and Momentum
XMR’s trend analysis reveals a complex picture. In the near term, the trend is strongly down, while neutral in the medium term. Interestingly, the long-term trend shows strong upward momentum, highlighting the importance of timeframe selection in trading decisions.
Momentum indicators for XMR currently lean bearish. The MACD Line has crossed below the MACD Signal Line, suggesting downward pressure. However, the RSI indicates that XMR is neither overbought nor oversold, providing a balanced perspective on price action.
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Key Levels to Watch
For ONDO, the crucial support at $0.68 and resistance at $0.93 are pivotal levels. Traders should monitor these points for potential breakouts or reversals. Monero traders should keep an eye on the $150 support and $180 resistance levels within the sideways channel.
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