ONDO Short-Term Technical Analysis
Ondo has formed a new high pattern on the short-term chart. The price is currently trading around the level of $1.0189, and the high at $1.1214 has not yet been breached. Therefore, the analysis will remain valid unless $1.12 gets broken.
The uptrend is valid, and its support coincides with the $0.8861–$0.9019 support zone. We should be following this strong price range where buyers may re-enter the market in case of a pullback.A daily closing below the support area will render the chart pattern invalid, and then the price may technically drop to the levels of $0.70 and $0.74.On the other hand, a new pattern formation could start if the price breaks above the level at $1.12. In this scenario, the price could climb to the level of $1.25 with a new uptrend.
Summary:
- Price: $1.0189, a short-term new high occurs
- Chart remains valid if the price trades below
- Support zone: $0.8861–$0.9019 (overlapping with trendline)
- There is a potential risk of pullback to the level of $0.70 if the support gets broken
- A daily close above the level $1.12 could make the level $1.25 a possible target
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
