ONDO Price Eyes Breakout, Fibonacci Levels Suggest 50% Upside

With the crypto market witnessing a fresh breeze of high momentum recovery last night, the altcoins project strong reversal chances. The meme coins spearhead the bull run, but the DeFi tokens manage to enter the top performers chart. Amidst such tokens, ONDO Finance made a remarkable price jump, restarting a positive cycle. 

Moreover, the rise in bullish momentum teases a bullish breakout of a volatility contracting pattern. Will ONDO price give a breakout for a prolonged uptrend in 2024?  

ONDO Finance Performance

With a bullish recovery of almost 13%, the ONDO price reflects a new bull cycle. However, the overall side trend sustains in the 4H chart and demands a longer jump for an uptrend. 

Following the bullish failure to sustain above $1, the sideways trend forms a symmetrical triangle in the 4H chart. However, the 50 and 200 EMA maintain a positive trajectory and provide dynamic support to ONDO price. 

The recovery rally started with a push from the 200 EMA and is headed beyond the $0.88, or the 50% trend-based Fibonacci level. With this, the chances of a bullish recovery with the overhead trendline breakout. 

Further, the 105% rise in trading volume bolsters the recovery rally and increases the bullish breakout possibility. Moreover, the recent bounce back limits the chances of a death cross in the 4H chart between the 50 and 200 EMA. 

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Technical Indicators: 

MACD: The bullish crossover in the MACD and signal lines supports the possibility of trend reversal and reflects an increase in demand. 

Will Bulls Drive ONDO Price Beyond $1?

Currently, the ONDO token trades at $0.8755 with a market cap of more than a Billion dollars. However, the bullish reversal needs to surpass the overhead trendline for an extended run. 

As per the trend-based Fibonacci levels, the breakout rally could aim at the 1.618 level at $1.32, accounting for a 50% hike.