Ondo price could soar to $1 if ONDO retakes this support-resistance
- Ondo price has turned previous high into a support-resistance at $0.8276.
- That ONDO traded below this crucial level without continuing down is a good sign.
- If markets show strength, the altcoin could retake this level, setting tone for a rally to $1.
- A lower low below $0.7500 would invalidate the bullish thesis.
Ondo (ONDO) price continues to show weakness, aligning with broader market sentiment as altcoins take their cues from Bitcoin (BTC). The altcoin has managed to trade within a range, clinging to a crucial level as it repelled further to the downside.
Ondo price must reclaim $0.8276 for more upside potential
Ondo price has consolidated right below the $0.8276 support since early in the month. If the broader market shows strength, ONDO could flip this roadblock into support. This could lead to double-digit gains for ONDO holders, potentially as high as the $1.0000 psychological level. This would constitute a 20% climb above current levels.
The significance of $0.8276 is that it marks a previous high that was later flipped into a support. That Ondo price has traded below this crucial level without continuing lower is a good sign. The altcoin could reclaim the level back as a support. Notably, this is contingent on the broader market showing strength.
Such a move would encourage more buy orders, with the ensuing buying pressure propelling the Ondo price further north.
ONDO/USDT 1-hour chart
On the other hand, enhanced selling pressure could see Ondo price drop further. A move below $0.7500 would produce a lower low, invalidating the bullish thesis.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
