After being stuck in a descending channel for some time, Ondo (ONDO) finally broke out from that structure from a low around the $0.60 level. This breakout was a key signal that things might be shifting in favor of the bulls.
Over the past few days, the ONDO price went back down slightly to retest the top of that old channel, and that retest is now showing signs of success.
At the time of writing, ONDO is trading around $0.90. If the breakout holds, the next logical move would be upward. But it all depends on what the broader crypto market does in the coming days. If Bitcoin stays flat or heads lower, the price of ONDO could also slow down or even drop. But if the market starts to rally again, ONDO could ride that wave too.
Looking ahead, ONDO price may face some resistance at $1.20, $1.60, and finally at $2.00, which is the top of the wider channel range. These levels could slow down or pause the momentum, but if trading volume picks up, the token might break through them one by one.
What you'll learn 👉
What the Indicators Are Saying About the ONDO Price
We checked the latest technical indicators from investing.com to see what the daily chart is telling us. Right now, the signals are a mixed bag, but there are a few positive signs for the short-term outlook.
The Relative Strength Index (RSI) is sitting at 54.5, which is considered neutral. This means the price isn’t overbought or oversold and could go either direction from here.
The Stochastic Oscillator (STOCH) is also neutral, hovering around 47.3. It’s not giving a strong signal at the moment but confirms that ONDO is in a healthy zone, neither too hot nor too cold.
The Commodity Channel Index (CCI) is one of the stronger signals right now. It’s sitting at 175.7, which is well into the “buy” territory. This suggests that price momentum is turning upward.
Other bullish indicators include the Rate of Change (ROC) at 1.84 and the Bull/Bear Power at 0.022. Both are flashing buy signals, which hints at growing strength in ONDO’s recent upward push.
Moving averages are a bit more complicated. The short-term ones like the 20-day moving average are currently bullish, with the ONDO price trading above them. But the 50-day, 100-day, and 200-day moving averages are still acting as resistance, meaning the price is below those levels. This shows that ONDO still has some work to do before we can call this a strong uptrend.
Read Also: Analyst Reveals Why Ondo Price Is Lagging and How to Win Big With the Token
So, Should You Put $2,000 into ONDO Right Now?
Based on the current chart setup and technical indicators, ONDO is showing signs of a potential move higher. The breakout and successful retest give bulls something to work with. However, the broader crypto market still has a lot of uncertainty, and ONDO hasn’t yet cleared all of its longer-term resistance zones.
If you’re thinking of putting $2,000 into ONDO, a smart strategy might be to dollar-cost average (DCA) instead of going all in at once. You could split your investment into four parts and buy in at different price levels. That way, if the price dips, you’ll have a chance to buy lower. If it climbs, at least you’re already partly in the trade.
Overall, ONDO has potential, especially if the market turns bullish again. But like any altcoin, it comes with risk. If you’re comfortable with the volatility, entering gradually could be a reasonable move right now.
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