Will a channel breakout rally and whale accumulation drive the price of Ondo Finance (ONDO) to the $2 mark?
Despite the broader market correction, Ondo Finance is holding strong amid the massive incoming supply. Currently, Ondo is trading at $1.63, with a 2.55% price increase over the past 24 hours, maintaining a market cap of $2.25 billion.
The recovery in Ondo is signaling a potential surge toward the $2.00 psychological mark. Is this optimistic target achievable amid the broader market pullback? Let’s explore.
ONDO Price Analysis
The 4-hour chart shows a significant candle forming in the past four hours, marking a 9.46% surge within a falling-channel pattern.
Moreover, it completes a morning star pattern as it bounces back from the $1.47 support level. Breakout potential has significantly increased as the price approaches the overhead resistance trendline.
The bullish reversal in Ondo’s price action stems from a long-standing support trendline with consistent lower price rejections, which adds credibility to the morning star pattern and further increases breakout chances.
Whale Shows Confidence Amid Market Crash
A crypto whale has entered Ondo Finance as the bullish recovery trend gains momentum. According to a recent tweet from SpotonChain, a whale bought a large amount of Ondo tokens amid the broader market pullback.
The entity created a new wallet and exchanged 4,611 Ethereum tokens, worth $17.1 million, to purchase Ondo tokens. In return for the massive Ethereum supply, the whale acquired 10.978 million Ondo tokens at an average price of $1.553.
Will ONDO Price Reach $2?
The MACD and signal lines have shown an uptick with the bullish recovery, supporting the upward trend. This increases the chances of a positive crossover, signaling a potential trend reversal.
Using trend-based Fibonacci levels, the immediate resistance level above the supply trend line is the 23.60% level at $1.6952. If a breakout occurs early, there is potential for a surge to the 50% Fibonacci level at $1.93.
This would significantly increase the likelihood of Ondo reaching the $2.00 psychological mark before the end of December.