#ONDO After the previous round of chip distribution, the price has continued to pull back. Now it is slowly breaking out of what appears to be a cup-handle pattern. The price keeps raising its highs and lows within the core accumulation range, showing that buying power is gradually regaining control.
Now focus on the key level at $0.54. Once the price holds and breaks above this structure’s resistance level, it can be confirmed that the uptrend is continuing. The next target would likely be around $1.15, near the large-timeframe supply-overhang area—at which point a lot of sell orders are likely to appear.
However, if the price cannot hold above the stop-loss level at $0.2964, then this bullish outlook will fail. There is a possibility that the market will drop back to the lower demand support zone. Before this level is broken, the current setup is still more biased toward an upward rebound.
Now focus on the key level at $0.54. Once the price holds and breaks above this structure’s resistance level, it can be confirmed that the uptrend is continuing. The next target would likely be around $1.15, near the large-timeframe supply-overhang area—at which point a lot of sell orders are likely to appear.
However, if the price cannot hold above the stop-loss level at $0.2964, then this bullish outlook will fail. There is a possibility that the market will drop back to the lower demand support zone. Before this level is broken, the current setup is still more biased toward an upward rebound.
