Key Takeaways
- Descending channel suggests emerging bullish momentum.
- ONDO consolidates near the 0.382 Fibonacci retracement level ($1.32).
- RSI indicators show oversold conditions, signaling reduced selling pressure.
ONDO Price Analysis
Since peaking at $2.15 on Dec. 16, ONDO has corrected 38%, forming a descending channel—a classic reversal pattern. The current price action near Fibonacci retracement levels and technical indicators hint at weakening bearish momentum.
4-Hour Chart Insights
- Corrective Phase: Follows an impulsive Elliott Wave (labeled (i)-(v)).
- Critical Support: $1.32 (0.5 Fibonacci level) tested multiple times without breakdown.
- RSI Shift: Moved from overbought to oversold, suggesting potential bullish reversal.
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ONDO Price Prediction
The hourly chart reveals a corrective ABC pattern, with price nearing a potential bottom at wave (v). Key observations:
- Breakout Potential: A surge above the descending channel could target $1.54** (0.382 Fib) or **$1.77 (0.236 Fib).
- Risk Scenario: Failure to hold $1.32** may push prices toward **$1.17 (0.618 Fib).
- RSI Clue: Oversold conditions support upward momentum if buyer volume increases.
Key Levels to Monitor
| Level Type | Price ($) | Fibonacci Ratio |
|----------------|---------------|---------------------|
| Support | 1.32 | 0.5 |
| Support | 1.17 | 0.618 |
| Resistance | 1.55 | 0.382 |
| Resistance | 1.77 | 0.236 |
Breakout Confirmation: Requires decisive move above channel with strong volume.
FAQ Section
1. What does a descending channel indicate for ONDO?
A descending channel often precedes a bullish reversal, especially when paired with oversold RSI and Fibonacci support.
2. How reliable are Fibonacci levels in crypto trading?
Fibonacci retracements act as psychological support/resistance zones but should be combined with other indicators (e.g., RSI, volume) for higher accuracy.
3. What’s the worst-case scenario if support breaks?
If $1.32** fails, ONDO could slide to **$1.17 (0.618 Fib), though long-term holders might view this as a buying opportunity.
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Disclaimer: This analysis is for informational purposes only and not financial advice. Cryptocurrency investments carry risks; conduct independent research or consult a financial advisor before trading.
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