ONG has seen an explosive move followed by an equally sharp rejection on the 1H chart. Price spiked from around $0.10 to above $0.25 before sellers stepped in aggressively, bringing it back toward $0.12.
The immediate area to watch is $0.088-$0.095, marked as the main demand zone. If price pulls into this region and buyers defend it, a recovery could start, with the first major hurdle sitting around $0.15-$0.18.
The structure on $ONG suggests a possible retracement before another attempt higher. A strong reaction from demand could send price back toward $0.20-$0.25, while reclaiming $0.18 would improve the bullish setup considerably.
Losing the $0.095 zone would weaken the setup and could expose lower levels. After such a violent pump and rejection, waiting for confirmation around demand looks much cleaner than chasing the move.
#Ong
The immediate area to watch is $0.088-$0.095, marked as the main demand zone. If price pulls into this region and buyers defend it, a recovery could start, with the first major hurdle sitting around $0.15-$0.18.
The structure on $ONG suggests a possible retracement before another attempt higher. A strong reaction from demand could send price back toward $0.20-$0.25, while reclaiming $0.18 would improve the bullish setup considerably.
Losing the $0.095 zone would weaken the setup and could expose lower levels. After such a violent pump and rejection, waiting for confirmation around demand looks much cleaner than chasing the move.
#Ong
