ONDO Jumps 20%, Hints at Possible Trend Reversal
Key Takeaways
ONDO, an altcoin gaining increasing attention, recently experienced a price surge of nearly 20%. This breakout from a two-month downtrend could signal a potential trend reversal. However, both technical and fundamental indicators paint a mixed picture. While some metrics suggest accumulation, the broader market outlook remains uncertain.
Strong Price Jump After Prolonged Weakness
On Wednesday, ONDO rose by 19.8%, breaking out of a downtrend channel that had persisted for two months. Trading volume was above average — a positive sign for buyers. However, the broader market trend remains bearish on the daily chart. The price needs to surpass the resistance level at USD 0.915 to trigger a bullish signal. This level corresponds to the 78.6% Fibonacci retracement and represents a key technical resistance.
Technical Indicators Provide Mixed Signals
The RSI (Relative Strength Index) currently sits at 50 — a neutral value that may indicate a potential change in direction. The OBV (On-Balance Volume), a measure of volume behaviour, has not reached a new high. This suggests that buying pressure is not yet strong enough to support a sustained rally.
Support Zones Offer Entry Opportunities
According to the “In/Out of the Money” indicator, two relevant support zones lie at USD 0.815 and USD 0.791. These areas are located above the former downtrend channel. A pullback into these zones could offer a renewed entry opportunity, provided the price shows stability there.
On-Chain Data Suggests Accumulation
On-chain activity reveals some interesting developments. The number of daily active addresses declined in March but is now rising again — a sign of growing usage. At the same time, the “Mean Coin Age” (average age of coins over 90 days) has been steadily increasing since January. This indicates that many coins are being held rather than moved — a typical sign of accumulation.
The “Dormant Circulation” — coins that have not been moved for a long time — also shows no significant spikes. This supports the assumption that investors are currently holding ONDO rather than selling. The 90-day MVRV (Market Value to Realized Value) is negative, meaning many short-term investors are currently at a loss — another indication of accumulation.
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Market Sentiment Remains Cautious
Despite the breakout and positive on-chain data, overall market sentiment remains cautious. Many investors are waiting for a clear trend reversal before taking larger positions. The combination of technical uncertainty and a weak market structure suggests a cautious approach.
Our Assessment
ONDO is showing early signs of a potential trend reversal. The breakout from the downtrend and the accumulative on-chain data are positive signals. However, a clear bullish impulse is still lacking. Those looking to enter should watch for a pullback into the mentioned support zones and keep an eye on the broader market environment. Patience and risk management are crucial during this phase.
Sources
- IntoTheBlock
- Santiment
- TradingView
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