- ONDO has broken out of a multi-month downtrend with strong bullish structure, suggesting a potential rally toward $1.65 midterm.
- Sustained price action above $0.84 confirms the breakout, with $0.80 acting as a possible retest zone for bullish midterm entries.
- Post-breakout candles show consistent bullish strength, reinforcing a structural reversal and increasing midterm buying interest.
ONDO/USDT has exited a multi-month downtrend and is now poised for a potential 80% midterm rally. The breakout occurred after months of consistent bearish movement within a descending channel that started in mid-December 2024. Price action held firmly within the structure, forming lower highs and lower lows, with $0.64 acting as a critical support base.
The asset faced sustained downward pressure during February and March, with notable rejections at the upper trendline. However, bullish momentum emerged in early April as ONDO consolidated above $0.75. This shift in structure signaled a growing buyer presence. Multiple tests of the upper trendline followed, finally resulting in a confirmed breakout near April 20.
Breakout Validated with Strong Structure
The breakout candle closed decisively above the channel, indicating a structural reversal. The current price trades around $0.84, validating the breakout zone. The previous resistance line now acts as a dynamic support level. Consequently, ONDO has entered a bullish phase after over four months of sustained bearish sentiment.
Besides, the projected upside target has been placed at $1.65, marking a potential 80.53% gain from the breakout point. This target also corresponds to historical resistance from December 2024, strengthening its significance. The chart further reinforces this target with a highlighted rectangular projection zone.
Additionally, candlestick behavior post-breakout has remained strong. Bullish bodies now dominate the chart, closing above previous wick rejections. This behavior underscores strong market confidence and increasing buying pressure.
Key Levels and Price Outlook
If price sustains above $0.84, bullish continuation toward $1.65 remains in play. However, a pullback toward $0.80 could occur. This zone may serve as a potential retest area and entry point for midterm traders.
Any drop below $0.70 would challenge the current bullish outlook and invalidate the breakout setup. Besides, no bearish engulfing formations are visible in the recent candles, supporting the upward momentum. Moreover, the trend has shifted from a prolonged downtrend to a confirmed breakout structure. This structural change could attract fresh bullish interest in the midterm.
