The crypto market lit up on Wednesday as ONDO jumped nearly 20%, breaking out of a multi-week downtrend and grabbing the attention of traders across the board. The move has sparked hopes of a trend reversal—but is this the start of a new bullish phase or just another fakeout?
At Wallstreet Queen Official, we’re always tracking the underdogs with breakout potential, and ONDO’s chart is one to watch.
Breakout or Fakeout?
After weeks of low volatility and bearish chop, ONDO finally popped out of its descending channel, a move accompanied by a strong surge in volume—a classic indicator of renewed market interest. But before you start loading up your bags, there’s a major resistance zone at $0.915 that could make or break this rally.
This key level lines up with the 78.6% Fibonacci retracement from ONDO’s previous rally—and it’s the one technical level ONDO must conquer to flip the market structure decisively bullish.
Volume Spikes, But Momentum Is Still Mixed
While price action looks exciting, indicators like the On-Balance Volume (OBV) and Relative Strength Index (RSI) are still flashing caution. OBV hasn’t broken its previous highs from March, and RSI is chilling at the neutral 50 zone—neither overheated nor oversold. Translation? The bulls are knocking, but the door hasn’t swung open just yet.
Under the Surface: On-Chain Metrics Say “Accumulation”
Here’s where it gets interesting—behind the price action, on-chain data is signaling quiet strength:
- Support Levels: ONDO now has firm support at $0.815 and $0.791, both above the old downtrend line. A retest could act as a launchpad.
- Daily Active Addresses: Rising steadily again, suggesting renewed user interest.
- Mean Coin Age (90-day): Trending upward—investors are holding, not selling.
- MVRV Ratio: Still negative, meaning many holders are at a loss—an often reliable signal that the bottom may be in.
These data points align with what we at Wallstreet Queen Official monitor closely: signs of accumulation before momentum kicks in.
What’s Next?
ONDO has the eyes of the market right now—but the moment of truth will come at that $0.915 resistance. A breakout above it could trigger a wave of FOMO-driven buying, confirming a bullish reversal. On the flip side, rejection at this level could bring us right back to chop city.
For traders and long-term investors alike, this is the kind of setup we live for at Wallstreet Queen Official—clear structure, solid on-chain signals, and a high-stakes breakout on the horizon.
Join Wallstreet Queen Official to stay ahead of these moves with smart insights, timely updates, and expert analysis on breakout trades like ONDO.
Stay sharp, stay informed—because the markets don’t wait.
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