Ondo Finance (ONDO) has been charting a bullish course, adhering to an upward trendline. The Fibonacci retracement levels paint a picture of resilience and growth, with the price notably leaping from the 0.786 Fibo level on March 19th to the 0.382 level by March 31st. Despite a period of gains that couldn't be sustained, ONDO entered a phase of consolidation, fluctuating within the 0.382 and 0.618 Fibo levels.
This phase of equilibrium was followed by a return to the upward trendline on May 15th. By June 4th, the price had achieved a significant milestone, hitting the $1.45 mark, having successfully breached the 0.382 and 0.236 Fibo levels.
Currently, ONDO's price is finding support at the 0.236 Fibo level. Should it descend below this level and the previous swing low, there's a potential for a retracement towards the 0.382 and 0.5 Fibo levels. Conversely, if ONDO's price bounces back from the 0.236 level, it could set course to potentially set a new all-time high (ATH), surpassing the $1.45 resistance.
Therefore, resistances are $1.45, and $2.00, and supports are $0.975, and $0.826.
This phase of equilibrium was followed by a return to the upward trendline on May 15th. By June 4th, the price had achieved a significant milestone, hitting the $1.45 mark, having successfully breached the 0.382 and 0.236 Fibo levels.
Currently, ONDO's price is finding support at the 0.236 Fibo level. Should it descend below this level and the previous swing low, there's a potential for a retracement towards the 0.382 and 0.5 Fibo levels. Conversely, if ONDO's price bounces back from the 0.236 level, it could set course to potentially set a new all-time high (ATH), surpassing the $1.45 resistance.
Therefore, resistances are $1.45, and $2.00, and supports are $0.975, and $0.826.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.