After weeks of a downtrend pattern, ONDO Finance (ONDO) finally managed to break short-term resistances and attracted traders’ attention with a 20% growth on Thursday. According to some analysts, ONDO is starting an upward trend. The strong growth of ONDO occurred as its price had been moving within a downtrend channel for the past two months, and now, breaking out of this pattern has opened up new prospects for this digital currency. However, technical analysis does not yet provide definite signs of a return to an upward trend. In the daily chart, the Fibonacci corrective level of 78.6% at $0.915 remains a key resistance that ONDO needs to surpass to solidify its upward structure. According to IntoTheBlock, important support areas have formed at $0.815 and $0.791, both above the downtrend channel’s ceiling. Revisiting these levels could be a suitable buying opportunity for traders. The number of active daily addresses, which had sharply decreased since mid-March, has shown an uptrend in recent weeks. This increase may indicate growing demand and usage of the ONDO network. In general, the broken downtrend pattern, bullish data, and market accumulation trend can be an initial sign of a favorable buying opportunity for ONDO. However, traders should enter new positions cautiously with risk management. You can view the live prices of all tokens and cryptocurrencies on the instant cryptocurrency price page.
