Last night, as the cryptocurrency market ushered in a new wind of strong recovery, altcoins expected opportunities for a strong reversal. Meme tokens led the bull run, but DeFi tokens managed to make it to the list of top performers. Among such tokens, ONDO price rose sharply, restarting the virtuous cycle.
Moreover, the rising bullish momentum signals a bullish breakout of the volatility contraction pattern. Will ONDO price break out of the long-term uptrend in 2024?
ONDO price surged by nearly 13%, reflecting a new bullish cycle. However, the overall sideways trend in the 4-hour chart is maintained and will take a longer jump to realize the uptrend.
The sideways trend has formed a symmetrical triangle on the 4-hour chart after the bullish failure to sustain above $1. However, the 50 and 200 EMA maintain a positive trajectory providing dynamic support to ONDO price.
The recovery rally started with a push from the 200 EMA and a breakout of $0.88 or the 50% Fibonacci level based on the trend. This way, the chances of a bullish recovery after a breakout of the upper trendline are high.
Moreover, the 105% growth in trading volumes supports the recovery rally and increases the probability of a bullish breakout. Moreover, the recent rebound limits the chances of a death cross between the 50 and 200 EMA on the 4-hour chart.
Technical indicators:
MACD: The bullish crossover of MACD and the signal line supports the possibility of a trend reversal and reflects an increase in demand.
Will Bulls Push ONDO Price Above $1?
Currently, ONDO price is $0.8755 with a market cap of over $1 billion. However, a bullish reversal would need to surpass the upper trendline for a long run.
According to the trend-based Fibonacci levels, a breakout rally could target the 1.618 level, or $1.32, a 50% gain.
(Personal opinion, not a recommendation)
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