ONDO is currently trading around $0.3655, approaching an important support area that aligns with the 88.6% Fibonacci retracement.
The overall daily structure remains bearish, with price consistently forming lower highs after reaching its peak around $0.59. However, price is now approaching a key confluence area where the ascending trendline meets the 88.6% Fibonacci zone.
I'm watching this area closely for a potential reaction. Ideally, I would like to see price sweep the buy zone, reclaim the ascending trendline and establish a bullish structure before considering an entry.
If buyers manage to defend this area, the first upside objective would be around $0.38–$0.40, followed by a potential move towards $0.42.
However, a breakdown below the buy zone would invalidate this setup and could expose lower support levels.
For now, this is a potential reversal setup rather than a confirmed bullish trend change. I would prefer to wait for confirmation instead of catching a falling knife.
The overall daily structure remains bearish, with price consistently forming lower highs after reaching its peak around $0.59. However, price is now approaching a key confluence area where the ascending trendline meets the 88.6% Fibonacci zone.
I'm watching this area closely for a potential reaction. Ideally, I would like to see price sweep the buy zone, reclaim the ascending trendline and establish a bullish structure before considering an entry.
If buyers manage to defend this area, the first upside objective would be around $0.38–$0.40, followed by a potential move towards $0.42.
However, a breakdown below the buy zone would invalidate this setup and could expose lower support levels.
For now, this is a potential reversal setup rather than a confirmed bullish trend change. I would prefer to wait for confirmation instead of catching a falling knife.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.