ONDO Price Looks ‘Solid’: 4x Spike to $5 Possible If This Key Resistance Weakens

With Bitcoin breaking above $90,000 again, many altcoins are showing signs of recovery.

The price of ONDO has risen by about 6% in the past 12 hours as Bitcoin price breaks above $90,000 again. This could lead to crucial price breakouts and drive up the value of some interesting cryptocurrencies.

ONDO/USDT is now trading at $1.12, having decreased by 18% in a single session. The price action also appears to be bouncing cleanly off the 200-day simple moving average, which could be a bullish sign if it manages to stay above this level.

With over 58 million in volume and more than an hour remaining in the trading session, ONDO is showing signs of being massively accumulated. This volume is triple the estimated average daily volume, which is highlighted by a yellow dashed line in the chart above. Such significant volume may indicate that larger institutional players are contributing to the price increase rather than just retail traders FOMOing into the market.

The next resistance level to watch for is at $1.22, which could be the final barrier to breakout. If this level is breached, the next target could be $1.34. Moreover, we could see more green days, which would be constructive for the price action and could set up a larger move.

The Relative Strength Index (RSI) at 48.70 is also increasing, which supports the bullish case. This indicates strength in the market, and there is potential for the RSI to rise further. Additionally, the Slow Stochastic at 38.46 is moving upward, which signals a positive momentum shift.

Overall, the outlook for ONDO appears to be solid, but continuation is needed to build a sustainable rally. If the volume remains strong going into the close, we could see ONDO setting up for a bigger move. However, there is still a lot of resistance to overcome.

As we observed last Sunday, when significant news or events occur, the price often disregards technical resistance levels completely. For instance, ONDO price disregarded the support levels during Monday’s decline, which led to a substantial move in the specified direction.