Key Insights:
- Ondo price breakout mirrors past rally with +130% potential gain.
- Falling wedge breakout signals bullish continuation near $1.20 target.
- DeFi TVL at $112.514 billion, rising +2%, boosting market optimism.
Ondo price has broken above a key ascending trendline, signaling a shift in market momentum. After retesting the former resistance zone, which is now acting as support, ONDO appears poised for further upside.
The price has risen by 20% over the last week evincing increasing bullish power. In the daily chart, ONDO is trading in a clean descending channel and presently is approaching the upper wall of this channel with considerable buyer interests.
ONDO Price Eyes 130% Surge Amid Bullish Setup
According to crypto analyst ZAYK Charts, there is a setup that might turn out bullish in ONDO as it appears that a falling wedge pattern is taking shape. The previous surge was interrupted by the same technical setup and may indicate an upside movement similar to what it was with the previous one.
Based on the analysis, it can be considered that the price action reflects the previous breakout, where there was a sudden run up. Supposing the existing arrangement remains intact, ONDO may record an increase of up to 130% in coming times. The traders now await confirmation as to whether there will be a breakout, and either the prices would move up or down in a significant number.
The chart daily Of ONDO is trading in a clear trend of descent channel. The token is now approaching the upper limit of this trend, in which buying strength is already starting to build up.
In case ONDO is able to sustain its position, analysts believe that the subsequent price movement may drive to act towards testing channel top.
DeFi Market Sees $112.5B Locked as Trading Volumes Surge
According to DeFiLlama, the decentralized finance (DeFi) sector has recorded a total value locked (TVL) of $112.514 billion. This marks a 2.03% increase in the last 24 hours, signaling renewed momentum in DeFi activities.
The market shows signs of heightened interest, with on-chain data indicating a steady inflow of liquidity across various protocols.
The overall market capitalization of stablecoins has climbed to $253.576 billion. Decentralized exchanges (DEXs) have processed $8.86 billion in trading volume within the past 24 hours.
Also, the same period has recorded a volume of 4.213 billion recorded in perpetuals trading platforms. Such numbers are indicators of the increased user activity and the depth of the DeFi infrastructure.
Ondo Price Eyes Breakout Targeting 30% Surge
At the time of writing, the ONDO price hovered at $0.7614, marking a drop of 1.37% over the past 24 hours.
A bullish trend is therefore possibly gathering. The price seems to be pointing towards the important resistance at $0.80. A breakout above this line might send off an ambitious run-up to the price of $0.90.
The technical indicators are in its favor of a move upwards. The MACD already indicates some early bullish crossover, as the signal line flattens and the momentum gets tightened. This change implies that buyers are becoming powerful.
In the meantime, the Awesome Oscillator (AO) has crossed green, which can be viewed as a signal of growing bullish strength in the near future. In the past, these indicators have been followed by price increases.
If bulls reclaim $0.80, the next upside target lies at $0.90. A sustained breakout above $0.90 may pave the way toward the $1.00 psychological barrier, representing a 30.17% potential gain from current levels.
However, if bears regain control, immediate support is found around $0.70. A close below this level could delay any upward breakout and signal further downside risk.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post ONDO Price Breakout Imminent, Analyst Predicts 130% Rally appeared first on The Market Periodical.
