$ONDO is showing a recovery from its mid-August lows (~$0.320) to $0.3528. However, looking at the 4H chart, this upward movement still lacks strong confirmation.
Technical Overview:
Lack of Momentum Over Time: Compared to the explosive expansion seen in late July (around July 23–27), the current upward push around August 21 appears hesitant and lacks sustained buying pressure.
Resistance Pressure: As price approaches the $0.359 – $0.360 resistance zone, sellers are stepping in, causing upper wicks to form on recent candles.
Caution: A price recovery without sustained buying momentum suggests major buyers haven't stepped in yet. Without a decisive breakout in the upcoming sessions, price remains vulnerable to a pullback.
Trading Strategy (Buy Plan):
Scenario 1 - Breakout Buy (Conservative):
Entry: Wait for a 4H candle to close convincingly above $0.360.
SL: $0.348
TP: $0.380 – $0.400
Scenario 2 - Catch the Dip (Aggressive):
Entry: Wait for a retest of the support zone at $0.320 – $0.330 with clear reversal signs (e.g., long lower wicks).
SL: $0.312
TP: $0.355 – $0.360
Patience is key here—avoid FOMO until the market confirms a sustainable structure!
(Disclaimer: This post is for technical analysis purposes only and does not constitute financial advice.)