TradeCityPro | ONDO : Bullish Momentum with Potential Targets👋 Welcome to TradeCity Pro!
In this analysis, I will review the ONDO coin for you. This project is one of the well-known Real World Asset (RWA) projects. The analysis will be conducted on daily and 4-hour timeframes.
📅 Daily Timeframe: Pullback to ATH
In the daily timeframe, we observed a ranging box from 0.56961 to 0.83103, which served as an accumulation zone. After breaking above the top of this box, the price experienced significant growth.
📊 Within this range, after the price reached the bottom of the box for the second time, buying volume increased substantially. Post-breakout, the buying volume continued to rise.
📈 Following the breakout, the SMA25 indicator acted as strong support, guiding the price to the resistance level at 1.11464. After breaking this resistance, considerable buying pressure entered the market, enabling the price to record a new ATH.
🚀 Examining the Fibonacci Extension levels, the new ATH was precisely recorded at 0.618, highlighting the importance of these levels in this chart. If the uptrend continues, the next targets are the 0.786 and 1 Fibonacci levels, approximately around $2.72 and $4.14. If the RSI re-enters the Overbuy zone, bullish momentum will enter the market, increasing the likelihood of reaching these targets.
🔽 In case of a pullback, the first significant level is 1.45288, which was the previous ATH, where the price has already pulled back once. If the correction deepens, the next key level will be 1.11464.
⏳ 4-Hour Timeframe: Detailed View and Futures Triggers
In the 4-hour timeframe, we can observe more details of the Low Wave Cycle.
🔼 Currently, the price is struggling with the monthly R2 pivot point, and as seen, market volume is increasing. If 1.87365 is broken, the price may move towards the monthly R3 and R4 pivot points.
📉 In case of a pullback, the first support, as mentioned in the daily timeframe, is 1.46522, which overlaps with R1. If the correction continues, the next support zone will be 1.10747, aligning with the main pivot point.
✨ In my opinion, considering the strong bullish momentum, the price is gearing up for the next sharp upward leg. Upon RSI confirmation, we could witness steep bullish candles, as the price has recovered from its correction faster than other altcoins and has maintained its bullish momentum.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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