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- ONDO nears a breakout as it consolidates at $0.80, with analysts eyeing a potential surge beyond $2.40.
- Analysts suggest ONDO’s converging trendlines signal an upcoming rally, with targets reaching $2.40 or higher.
- Strong support at $0.80 and bullish projections hint at ONDO potentially hitting targets above $3.50 and $6.04.
The ONDO token’s price structure suggests a potential breakout as it consolidates near the $0.80 level. Recent market activity shows strong support holding steady, with descending trendlines hinting at an upcoming upward movement.
Market Structure Overview
Recent price patterns indicate a converging structure where descending resistance lines meet a rising support trend. The ONDO token is trading near a critical juncture that could result in an upward momentum if a breakout occurs.
According to Merlijn The Trader, the ONDO token’s structure appears favorable for a potential rally. His analysis highlights a clean formation where support continues to hold, while momentum builds within the Real World Asset (RWA) narrative. The price has maintained an upward slope along a green support line since mid-2024, suggesting a strong foundation.
The timespan displays weekly candlesticks, with each bar representing one week of trading from mid-2024 into early 2025. Two descending red trendlines indicate a period of correction, while the support line has consistently provided a base for upward movement.
Merlijn’s observation points to a converging pattern where opposing trendlines could soon lead to a breakout. His projection indicates a potential price surge towards the $2.40 level if the breakout materializes.
Additional Analysis and Projections
Trader Naman offers further insight into the ONDO token’s market structure, noting a prolonged downtrend followed by consolidation near the $0.80 level. According to Naman, the token has retraced to its pre-pump levels from October and is now testing key trendline resistance. He suggests that a breakout is imminent, which could trigger a substantial rally.
Naman’s chart analysis highlights a descending trendline connecting previous highs, with the price currently trading below critical resistance at $1.4722. His projection suggests that breaking above this resistance level could open the path to higher targets, potentially reaching above $3.50 or even $6.04.
Source: Trader Naman
Both analysts indicate that the ONDO token’s market structure is nearing a turning point. With converging trendlines and ongoing momentum within the RWA narrative, a breakout appears increasingly likely. Their analyses suggest that successful upward movement could propel the token toward significantly higher price levels in the coming months.