ONDO Price Eyes Breakout; Fibonacci Levels Suggest 50% Upside
The post ONDO Price Eyes Breakout; Fibonacci Levels Suggest 50% Upside originally appeared on Coinpedia Fintech News.
With the crypto market experiencing a fresh air of high momentum recovery last night, cryptocurrencies are projecting tremendous reversal potential. The meme cryptocurrencies are leading the bull run, but DeFi tokens have made it into the top performers list. Among these tokens, ONDO Finance made a significant price increase, resuming a good cycle.
Furthermore, the increase in bullish momentum suggests a positive breakthrough from a volatility contracting pattern. Will the ONDO price break out for a protracted rally in 2024?
ONDO Financial Performance
The ONDO price has recovered by about 13%, indicating the start of a new bull cycle. However, the broad side trend persists in the 4H chart, necessitating a longer jump to an uptrend.
TradingView
Following the bullish failure to maintain above $1, the sideways trend creates a symmetrical triangle on the 4H chart. However, the 50 and 200 EMA remain bullish and provide dynamic support to the ONDO price.
The recovery rally began with a push from the 200 EMA and is now heading above $0.88, or the 50% trend-based Fibonacci milestone. This increases the odds of a bullish comeback following the overhead trendline breakout.
Furthermore, the 105% increase in trading volume supports the recovery rally and raises the potential of a bullish breakout. Furthermore, the recent rally reduces the likelihood of a death cross on the 4H chart between the 50 and 200 EMA.
Technical indicators:
MACD: The bullish crossover of the MACD and signal lines promotes the probability of a trend reversal and indicates an increased demand.
Will bulls drive the ONDO price above $1?
Currently, the ONDO token trades for $0.8755, with a market capitalization of more over $1 billion. However, for the bullish reversal to last, it must break above the overhead trendline.
According to trend-based Fibonacci levels, the breakout rally could aim for the 1.618 level at $1.32, which represents a 50% increase.
Conclusion
In conclusion, the tokens discussed exhibit significant potential within the volatile landscape of cryptocurrency, driven by bullish sentiments and notable market activity. However, it’s crucial to acknowledge the inherent risks associated with investing in digital assets, characterized by their high volatility and market fluctuations. This analysis does not constitute investment advice but rather offers a projection of market trends based on current data. Investors are advised to conduct thorough research and consider their risk tolerance before engaging in cryptocurrency trading.
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