Will Ondo (ONDO) Price Make it to $1 This Week?

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Written By Pinang Driod

Ever since the markets have displayed some strength, the Ondo price has shown some strength and taken the lead. The price has soared by over 20% in the past 24 hours, securing a market cap of over $1.3 billion. Although the volume has experienced a significant dump, the rally maintains an elevated trend and is heading back to test the $1 milestone. 

Now the question arises whether the ONDO price will sustain itself above $1.

It has been quite evident that the bulls have fallen weak in an attempt to reach and sustain above the key resistance levels. As a result, the token has often witnessed rejection and a notable pullback of over 35%. However, the bulls have initiated a bullish reversal after reaching the bottom, due to which, the probability of the price marking fresh highs emerges in the short term. 

The ONDO price has been trading within a rising parallel channel since the beginning and has been testing the resistance and support levels at frequent intervals. The recent rebound from the lows has enabled the bulls to print consecutive bullish candles, indicating the growing strength among the bulls. Besides, the volume has also soared to a large extent, which suggests an increase in trader’s interest in the token. 

On the other hand, the technicals are also in favour of the crypto, as the RSI turned bullish while the DMI just let out bullish signals. The +Di and -Di have undergone a bullish crossover but the ADX is heading towards the lows, suggesting the price may maintain sluggish behaviour for a while. Therefore, after an ascending consolidation within a narrow range, the ONDO price may trigger a breakout and rise beyond $1 to reach $1.5 in a short while from now. 

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