The ONDO token of Ondo Finance climbed nearly 5% during Friday’s trading session as renewed buying activity improved short-term sentiment across crypto markets. The move comes after several weeks of consolidation, with traders now watching for signs of a sustained recovery.
At the time of publication, ONDO trades near $0.247 while market capitalization climbed over 4% in the past 24 hours, signaling fresh participation.
However, trading volume slipped roughly 16%, suggesting momentum still requires stronger confirmation before a broader rally can take hold, according to the CoinMarketCap data.
Also Read: ONDO Price Crashes 88% As Token Enters Critical Last-Hope Zone
Falling Wedge Signals Possible Trend Shift
The ONDO daily chart shows a prolonged falling wedge, with price compressing toward support between $0.20 and $0.23, where buyers recently defended structure, suggesting reversal potential if volume expands, positioning traders for breakout attempts targeting $0.30–$0.35, restoring short-term confidence globally.
According to crypto analyst Jonathan Carter, above resistance, recovery targets emerge near $0.45–$0.50, followed by $0.60–$0.70, where earlier consolidations triggered selling pressure, while a decisive breakout could accelerate price toward $0.85–$0.95 before challenging long-term resistance around $1.10–$1.15, attracting renewed speculative participation across global crypto markets worldwide.
A break below the support level of $0.20 could see prices fall to levels of $0.18 and $0.15, making all bullish forecasts null and void, as this would continue the overall trend of decline, and traders should be cautious of market conditions before entering any positions.
Indicators Show Oversold Conditions, but Risks Remain
Momentum indicators also continue to suggest weakness, despite improving sentiment. ONDO’s Relative Strength Index on a weekly chart is near oversold levels, suggesting that the selling momentum has not yet dissipated, although such a scenario can also be a precursor to a short-term turnaround, as indicated on the TradingView chart.
On the other hand, the MACD continues to move deeper and deeper into the negative zone, indicating that the bearish momentum is still in play. However, the shrinking histogram suggests that the selling pressure may gradually subside if buyers begin to hold back in the next few trading sessions.
Why This Matters
A successful breakout beyond the strong resistance level could push ONDO towards the $0.35-$0.50 level, which would attract more funds and boost the confidence of short-term traders.
From the perspective of traders and investors, the price movement of ONDO is an indicator of market trends and potential DeFi opportunities.
Also Read: ONDO Near $0.30 Zone Could Trigger Major Recovery