ONDO PRICE ANALYSIS & PREDICTION (May 27) – Ondo Pauses Buying After Tapping A New High, Time For Pullback?
Ondo has seen a notable recovery since the start of the month, but this week marked its highest volatile period as it broke out to a new high. It appeared bullish daily but is likely to pull back due to a slight rejection.
After five weeks of consolidation phase, accompanied by multiple rejections, Ondo initiated a buy last week and suddenly flipped through $0.8 to tap $1, which has been a critical level for the asset since March.
It pulled back briefly from that critical level and found close support at the $0.9 level this Monday. The price picked up on Wednesday and surged consistently to a new high of $1.33 today. That surge led to a notable breakout of the previous high, confirming a new bullish rally.
Currently, the buying pressure is paused due to a rejection of the new high, although Ondo’s bullish trajectory remains intact on the daily chart. A strong candle close above this high could fuel more surges next week.
As shown on the chart, the current daily candle is forming an inverted hammer, indicating a potential sell. That could be the next move of the market if this candle closes bearishly. The recently flipped critical level may be retested as support.
Whichever way, the cryptocurrency is still under the bulls’ radar from a mid-term perspective. It is currently the leading Real World Asset token with a market cap of $1.85 billion according to Coingecko data. A bigger price movement should be expected!
ONDO’s Key Level To Watch
Source: Tradingview
The current daily $1.33 high is considered as resistance. If we see a weekly close above it today, the next level for a test would be $1.5, followed by $1.7 and potentially $2 in the near term.
With the latest rejection, the potential support level to watch for a pullback is $1.05, followed by $0.9. Below it lies the $0.73 support.
Key Resistance Levels: $1.33, $1.5, $1.7
Key Support Levels: $1.05, $0.9, $0.73
Spot Price: $1.27
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Filed under: Bitcoin - @ May 27, 2024 6:17 pm