- ONDO’s symmetrical triangle hints at a major breakout, with a midterm target of $2.80 if resistance is breached.
- Strong buying pressure at lower levels suggests bulls are in control, with a cup-and-handle pattern adding to bullish momentum.
- ONDO’s 21.6% weekly gain and $4.1B market cap reflect rising investor interest despite short-term price fluctuations.
Captain Faibik, a well-known crypto analyst, predicts a massive breakout for $ONDO. He sets a midterm target of $2.80, signaling potential gains. His analysis highlights a symmetrical triangle pattern on the ONDO/USDT daily chart. The price action shows reduced volatility, with lower highs and higher lows forming within the triangle.
Symmetrical Triangle Formation Signals a Breakout
The price initially surged before entering a consolidation phase within the symmetrical triangle. This pattern, formed by converging trendlines, suggests an imminent breakout. The upper trendline acts as resistance, while the lower trendline provides support. Additionally, a notable wick below the support line indicates strong buying pressure at lower levels.
The current price is $1.5250 USDT, reflecting a slight daily decline of 0.50%. However, historical patterns suggest that such formations often lead to sharp movements. If the price breaks above resistance, it could extend its prior uptrend. Conversely, a breakdown below support may trigger bearish momentum.
Technical Indicators and Market Sentiment
Besides the symmetrical triangle, the ONDO/USDT 12-hour chart presents a potential cup-and-handle pattern. This bullish continuation formation includes a rounded bottom followed by a consolidation phase. The price is nearing a breakout point, suggesting possible upward movement.
Moreover, market rankings show ONDO holding a strong position among digital assets. It is currently priced at $1.30, up 21.6% in the last seven days. Its trade volume is $298 million, and its market capitalization is $4.1 billion. These metrics highlight growing investor interest despite short-term fluctuations.
Potential Price Targets
The symmetrical triangle’s measured move calculation suggests a breakout could push ONDO towards $2.86 USDT. Additionally, smaller-bodied candlesticks near resistance indicate consolidation before a decisive move. Consequently, a breakout above resistance could fuel further gains. However, volume confirmation is crucial. A surge in trading volume would reinforce breakout validity. Furthermore, external factors and overall market sentiment could influence the outcome.
