ONDO Price Approaching a Critical Breakout Point

The price of ONDO token appears to be on the verge of a major market move. Over the past two months, the token has been forming a triangle pattern, signaling an imminent breakout. Currently, the price is hovering around $1, largely influenced by the indecision of buyers and sellers, which is reflected in the short real body candles and rejection wicks on the daily trading chart.

Market sentiment and technical indicators

Supportive evidence from various market indicators suggests a bullish trend in the market. According to Santiment analysis, the supply of ONDO held by non-exchange addresses has recently climbed from 8.45 billion to 8.52 billion. This transfer of holdings from exchanges to private wallets suggests that investors may be preparing to hold for the long term, which indicates bullish market sentiment.

The current market sentiment remains neutral but optimistic. The Moving Average Convergence Divergence (MACD) indicator shows multiple crossovers between the MACD line and the signal line, indicating that the market trend is neutral and consolidation is possible. In addition, the Bollinger Bands show a compression range, which is a typical precursor to a decisive breakout.

Potential bullish and bearish scenarios

Looking ahead, a bullish breakout above the upper trendline could catalyze a significant price increase, potentially surpassing the previous all-time high of $1.48, a 45% increase in value. Conversely, if the price breaks below the support trendline, it could trigger a drop to $0.7, marking an extended corrective phase.

in conclusion

In summary, ONDO coin is currently at a critical stage that could lead to significant market volatility. The increase in non-exchange holdings and the positive MVRV ratio trend indicate bullish sentiment among investors. However, market conditions remain critical and a confirmed breakout will reveal the coin's short-term future. Traders and investors must pay close attention to future developments to effectively respond to potential opportunities and risks.