Ondo (ONDO) To Rise Further? Key Breakout and Retest Signaling an Upside Move
By: coinsprobe|2025/05/03 15:00:02
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Date: Sat, May 03, 2025 | 06:25 AM GMTAfter a rough start to 2025 — where even Ethereum (ETH) plummeted by 45% in Q1 — the broader crypto market is finally showing signs of recovery. And this new wave of momentum is quietly spilling over into several major altcoins.Among them, Ondo (ONDO) is setting up a technical pattern that traders often associate with bullish continuation.After experiencing a significant sell-off in Q1, ONDO has surged by 11% over the past 30 days, trimming its year-to-date loss to 33%. And now, a key breakout is emerging on the chart, which is currently being retested — hinting that another leg up might be just around the corner.Source: CoinmarketcapRetesting Inverse Head and Shoulders BreakoutAccording to the daily chart, ONDO recently broke out of a well-defined inverse head and shoulders formation — a classic bullish reversal pattern. This setup had kept ONDO in consolidation since March 10. The breakout above the neckline occurred around April 23, propelling the token to a peak of $1.04 by April 26.ONDO Daily Chart/Coinsprobe (Source: Tradingview)But after reaching that local high, ONDO encountered heavy resistance and retraced over 14%. The token is now hovering around $0.89, right at the neckline — a crucial support zone that could define ONDO’s next big move.What’s Next for ONDOThis $0.89–$0.93 range is now the key battleground. If ONDO holds this zone and buyers step in, it could confirm a bullish retest of the breakout, reigniting momentum toward $1.04 — and potentially even targeting $1.23, which represents a 36% upside from current levels.On the flip side, failure to hold the neckline would invalidate the bullish setup, opening the door to deeper losses before any meaningful rebound.Whether ONDO can rally from here may also depend on the broader market, especially Bitcoin’s next move. If BTC continues its recovery, ONDO could very well follow suit and outperform in the next altcoin rally.For now, traders and investors should watch the $0.89–$0.93 zone closely for signs of a confirmed reversal — or a breakdown.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions in cryptocurrency.
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