ONDOUSDT - TRIANGLE PATTERN BREAKOUT - BULLISH OUTLOOK

Jan 30

Symbol - ONDOUSDT

ONDOUSDT continues to demonstrate an upward trend, with periodic cyclical counter-trend corrections. The chart is currently indicating a potential conclusion of the correction phase, suggesting a readiness for further upward movement. A significant consolidation pattern has developed within the context of the prevailing uptrend. In this regard, the price is attempting to break above the consolidation resistance (triangle) and surpass the next key resistance level at 1.538. This level is of particular importance. Should the bulls successfully maintain support above 1.538, ONDO may experience a recovery towards the 1.7–1.9–2.15 range in the short to medium term.

Support levels: 1.538, 1.44
Resistance levels: 1.7344, 1.90

A minor pullback to support, followed by a false breakdown, remains a possibility. However, sustained price consolidation above this level would confirm readiness for upward movement. Entry, SL & Target levels are indicated on the chart.

Jan 31

Trade active

CMP 1.5460

The support level is being retested. This presents an opportunity to consider entering long positions at this point.

Feb 1

Note

CMP 1.4700

Adding more here. Avg Buy price now is 1.5080
Holding with SL 1.4300

Feb 1

Trade closed: stop reached

SL touched, Trade closed.

It can still recover from current levels after liquidity capture. In that case, I will think to enter again after monitoring price action closely.