ONDO bulls aim to push price above $1
Will they succeed?
Ondo [ONDO] continues its uptrend,
But still unable to break above the $1 resistance.
It reached an all-time high of $0.9934 on March 26, but has since fallen 8.8% to trade at $0.906.
The market structure is bullish and the $1 level may be breached soon. A break above $1 could send ONDO into a price discovery frenzy.
However, as AMBCrypto reported earlier, investors need to be wary of Ondo Finance’s stagnant TVL.
ONDO’s bullish conviction remains firm. During the recent pullback from $0.994 to $0.84, OBV did not reach previous resistance.
This suggests that selling volume did not exceed buying volume over the past week.
Furthermore, the price managed to bounce off the $0.84 area, marking it as a support area. RSI above 60 indicates strong bullish momentum.
Based on Fibonacci extension levels (light yellow), the $1.1 and $1.27 levels are the next bullish targets.
On the other hand, a move below $0.68 on the 6-hour time frame would be needed to reverse the market structure.
The 30-day MVRV ratio dropped sharply ten days ago, before the current impulse move began. Since then, MVRV has been positive, reflecting profits for holders.
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