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.

Read Also: XRP Primed for Major Move as Key Technical Indicators Show Bullish Potential

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.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

The post ONDO Set to Resume Massive Rally if Price Rebounds from Key Support appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

117 +