ONDO Aims for $2 Target with Potential 130% Rally
ONDO Token Analysis
ONDO, the token for Ondo Finance, is attempting to break the $2 barrier despite a recent downtrend. Key points include:
- ONDO struggled to maintain the $1 support level over the last three months.
- The all-time high (ATH) of $2.14 was achieved in December after significant token purchases.
- Recent corrections have brought the price down to the $0.60-$0.70 range, followed by a recovery attempt to around $0.85.
- The token reached a three-month high of $1.13 but has since entered a downtrend.
- Current efforts focus on reclaiming the $0.90 range, with a forecasted potential rally towards $2.
Potential for ATH Repeat
Analysts suggest ONDO could repeat its previous performance from 2024 based on its historical trends:
- ONDO shows a bullish structure with higher lows and an ascending support trendline.
- Analyst Sjuul highlighted its strong long-term chart patterns.
- Alex Clay noted the current accumulation at the bottom of a 15-month ascending channel, suggesting possible future rallies.
- If the pattern holds, a surge toward the $2.8-$3 area is anticipated.
Currently, ONDO trades at $0.84, reflecting a 5.2% drop in the daily timeframe.