ONDO Bulls Are In Active Mode; Is Reversal Ahead?

ONDO is currently consolidating at $0.97 after a major correction from December’s $2.00 peak. Strong support established at $0.68, with key resistance at $1.11. The ONDO price analysis demonstrates that its price is consolidating after a major correction from its December 2024 high of around $2.00. Ondo recent price action indicates that the asset is likely to be forming a bottom after months of bearish pressure. Looking at the daily chart, ONDO has defined clear support and resistance zones that traders should pay attention to. The $0.68282 level has shown itself to be a solid support level, holding up during the March selloff. At the same time, the $1.11116 level is the level of immediate overhead resistance, which has limited several recovery attempts since February. The recent price action has seen a string of higher lows being established since late March, which is a positive sign of improving buying pressure. The pair, however, meets with strong resistance at the $1.11 level, which also corresponds to a psychological $1.10 barrier that buyers have failed to break convincingly. According to CoinMarketCap data, at the time of writing ONDO price is trading at $$0.9659 with an intraday drop of 4.16%, indicating bearishness. The daily trading volume has surged by 82%, suggesting a surge in buying and selling activity. Will the ONDO Price Make a Comeback? Technical indicators give a mixed but slightly bullish picture. Ondo MACD indicator gives positive momentum as the MACD line (0.00488) is above the signal line (0.03014). However, the histogram bars are not very large, which indicates a modest bullish momentum. The Social Sentiment indicator has recently become positive at 0.12939, which is a positive market sentiment following the bearish sentiment for most of March and April. ONDO is now trading above the 50-day EMA level, which is a good sign after trading mostly below this important level in Q1 2025. The RSI oscillator is recording a reading of 52.56, which is in the neutral zone and can move either way before it becomes overbought or oversold. Volume patterns indicate accumulation is happening at the current level but not yet at the enthusiasm level that was witnessed during the November-December 2024 rally. This shows prudent optimism among investors and not FOMO-based purchases. From a macro point of view, ONDO has retraced about 50% from its all-time high, which is usually a key decision point in the cryptocurrency markets. The coin’s capacity to keep prices above $0.93-0.97 zone will be important for further recovery. Traders need to look for a potential breakout above $1.11, which could target $1.20-1.40 if sustained. Conversely, a fall below $0.90 could point to a continuation of weakness, which could test the current support at $0.68282. Highlighted Crypto News Today: ‌Cardano’s Midnight Glacier Airdrop: Charles Hoskinson Shares New Insights Source: https://thenewscrypto.com/ondo-bulls-are-in-active-mode-is-reversal-ahead/