- ONDO has surged 11% over the past 30 days, reducing its year-to-date loss to 33% as the crypto market shows signs of recovery after a rough Q1 2025.
- The token recently broke out of an inverse head and shoulders formation but has retraced 14% from its $1.04 peak and is now retesting the crucial $0.89-$0.93 neckline support zone.
- If ONDO holds the current support level, it could target $1.04 and potentially $1.23, representing a 36% upside from current levels.
- A failure to maintain the neckline support would invalidate the bullish setup and could lead to deeper losses before any meaningful rebound.
Date: Sat, May 03, 2025 | 06:25 AM GMT
After 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.
Retesting Inverse Head and Shoulders Breakout
According 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.
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 ONDO
This $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.
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