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Ondo Finance (ONDO) Climbs 31% Despite Market Turbulence

Ondo Finance gained 31% with Elliott Wave analysis pointing to bullish trends ahead.

3 min 14 days ago

Highlights:

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ONDO rises 31%, showing bullish momentum with Elliott Wave analysis indicating further gains.

•

Price breakout above $1.77 suggests a continuation towards $2.14, key resistance ahead.

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RSI recovery signals potential short-term pullback before continuing upward, targeting higher extensions.

Ondo Finance (ONDO) Climbs 31% Despite Market Turbulence

Ondo Finance—ONDO, has gained 31% recently, despite the tough market. This rise stands out as the token shows strong technical signals. The price chart follows the Elliott Wave theory, suggesting more growth ahead if key levels hold.

 

ONDO's Elliott Wave Structure

 

 

ONDO’s daily chart shows a five-wave impulse pattern. The token hit a high of $2.14 on December 16. Afterward, an ABC correction took place, bottoming near $1.17 at the 0.618 Fibonacci retracement. This low suggests the start of a new bullish trend.

 

Recently, ONDO broke out of a descending wedge, signaling renewed bullish momentum. The Relative Strength Index (RSI) has recovered, moving out of oversold levels. It is now nearing neutral, which hints at more upside potential.

 

Price Action and Future Outlook

 

Key Fibonacci levels act as major resistance and support. The $1.77 level represents immediate resistance (0.236 retracement). A breakout above $1.77 could send ONDO to $2.14, its previous high. If ONDO fails to break $1.77, a pullback to $1.36 or even $1.17 is possible.

 

Looking at a smaller time frame, ONDO shows a smaller five-wave impulse. Wave (i) completed at $1.55, followed by Wave (ii) retracing to $1.36. This lines up with the 0.5 Fibonacci level. Now, Wave (iii) is underway, with a target of $1.92 (1.618 Fibonacci extension).

 

As Wave (iii) progresses, buying pressure grows. The RSI shows strong momentum, but it nears overbought territory. A pullback in Wave (iv) could bring prices back to $1.77 or $1.65. Wave (v) may reach $2.14 or higher, depending on market conditions.

 

 

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