The ONDO token is catching everyone’s eye in the crypto market. Looking at the charts, things are starting to heat up. Top analyst Crypto Winkle shared some insights on X (formerly Twitter) about the token.

He claimed that the 4-hour chart shows ONDO’s price breaking out of its pattern in a good way. Based on how things are moving, we might see ONDO climb to around $2.5, which would mean a pretty nice 60% gain from where it is now.

ONDO Chart Analysis: Bullish Flag Pattern and Breakout Observed

The chart for ONDO reveals a bullish flag pattern, a technical structure known for indicating the continuation of an upward trend. This pattern is characterized by an initial price surge (flagpole) followed by a consolidation phase within parallel downward-sloping lines (the flag).

Crypto Winkle’s analysis shows that ONDO’s price has broken above the upper boundary of the flag, confirming the breakout. This movement suggests that the upward momentum is resuming. The projection of the flagpole’s height suggests a price target near $2.5, marking a potential gain of approximately 60% from the breakout point

Technical Indicators Support the Bullish Sentiment

Key technical indicators reinforce the optimism surrounding ONDO’s price movement. The Exponential Moving Average (EMA) at $1.64 serves as a critical reference point, with the current price trading above this level. This position signals that buyers have the upper hand in the market.

The Moving Average Convergence Divergence (MACD) indicator is neutral at 0.00, yet the chart hints at a potential upward cross. This development could signal increasing momentum and further strengthen the bullish outlook for ONDO.

ONDO Price Targets and Key Levels to Watch

The analysis identifies $2.5 as the primary resistance level to monitor, where selling pressure may emerge. On the other hand, the lower boundary of the flag serves as a support zone, essential for maintaining the upward trajectory.

Crypto Winkle’s tweet encapsulates the bullish sentiment, emphasizing the breakout and potential for strong upward momentum. With the current technical setup, ONDO/USDT remains a closely watched trading pair for market participants anticipating further price increases.

As ONDO’s price continues to gain traction, traders are closely monitoring its performance to capitalize on the potential rally.

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The cryptocurrency market is currently undergoing a sharp correction following a month-long bullish rally that saw Bitcoin ($BTC ) reach a record high of $103,000. Over the past 24 hours, BTC has dropped below $97,000, with total liquidations surpassing $1.69 billion, according to Coinglass.
This downturn has affected major altcoins, including $XRP and Cardano ($ADA ), both of which have recorded losses exceeding 10%.
Amid the broader sell-off, Ondo ($ONDO), a Real-World Asset (RWA) token, has demonstrated notable resilience. Trading at $1.62, ONDO has posted minor gains of approximately 2% despite the market headwinds. The token has rebounded from a 24-hour low of $1.38, showcasing strength against the prevailing bearish sentiment.
Whale Accumulation Bolsters ONDO
Data from Spotonchain highlights significant whale activity during the market dip. A newly created wallet purchased 10.978 million ONDO tokens for 4,611 ETH (valued at $17.1 million) at an average price of $1.553. This transaction, detected 11 hours ago, provided ONDO with substantial support, enabling it to recover swiftly from intraday losses.
Technical Outlook: Key Levels to Watch
While ONDO's performance has been encouraging, it faces critical resistance zones ahead. To maintain upward momentum, the token must decisively break through the $1.65 resistance level and the descending trendline near $1.70. Successfully surpassing these barriers could set ONDO on a renewed bullish trajectory.
However, failure to clear these resistance levels may lead to increased downside risk, particularly in light of the bearish sentiment dominating the broader cryptocurrency market.
Conclusion
As the market continues to grapple with heightened volatility, ONDO's ability to withstand the downturn, buoyed by whale accumulation, offers a glimmer of optimism. Nevertheless, traders should exercise caution as the token navigates key resistance levels that could determine its near-term direction.
For now, ONDO remains a standout performer in an otherwise turbulent market.