- ONDO breaks the descending trendline with a bullish close above resistance, signaling a potential early-stage trend reversal.
- Price target of $2.03 implies over 128 percent upside, supported by historical breakout behavior and strong chart structure.
- Recent consolidation near the breakout zone suggests bullish momentum is building, increasing the likelihood of a sustained upward move.
According to Javon Marks, ONDO recently broke a major resistance trend, which points towards a possible rally to higher levels. The price action suggests an early-stage bull trend, with a target of $2.03833. This action is a possible gain of over 128% to the previous price action and breakout pattern.
Breakout Signals Early Bullish Trend
The ONDO chart shows a consistent decline over time, with lower highs and a descending trendline. A breakout occurred around early October, initiating a sharp upward movement. After the price reached its peak in December, a reversal occurred, forming lower highs. This created a new descending trendline that continued throughout the following months.
In early April, ONDO displayed a minor breakout above the descending trendline. A small bullish candle closed above the trendline, hinting at a potential trend shift. This movement mirrors previous breakout behaviors, signaling a possible change in momentum. Consequently, the current price of ONDO stands at approximately $0.88, just above the breakout zone.
Price Projection Suggests Significant Potential
The projected price target for ONDO is $2.03, reflecting a substantial move from its current range. This target mirrors the previous breakout seen in late October. The vertical arrow suggests that a similar rally could occur based on the current price structure. The breakout pattern suggests an over 128% potential rally if ONDO continues to follow the same trajectory.
Moreover, the consolidation seen in the most recent candlesticks near the breakout zone indicates a shift in momentum. The price action hints that the bullish trend may gain momentum, potentially driving ONDO toward its projected target.
