ONDO Price Breakout: Is a Surge to $3 Next? Analysts Weigh In

Prominent analyst Crypto Winkle shared on X (formerly Twitter) that ONDO's price broke out from a falling wedge pattern. He noted that the token broke free from a bearish trend after 230 days of accumulation.

Prominent cryptocurrency analyst Crypto Winkle shared on X (NYSE:TWTR) that ONDO’s price broke out from a Falling Wedge pattern on Monday.

The token has broken free from a bearish trendline after 230 days of accumulation. Discussions over ONDO’s potential to reach new heights were triggered by this technical move, with analysts setting ambitious targets. The Falling Wedge pattern, characterized by lower highs and lower lows within converging trendlines, typically precedes bullish reversals. ONDO’s breakout was accompanied by increasing momentum, indicating growing buyer interest.

Crypto Winkle projected three price targets for ONDO—$1.55, $2.24, and $3.40—based on historical price clusters and potential Fibonacci extensions.

Key Levels and Resistance Zones

ONDO’s price action showed clear support and resistance dynamics. The $0.65–$0.70 range served as a robust support zone, tested multiple times during the prolonged accumulation phase. This level has now transitioned into a strong base for ONDO’s upward trajectory. Resistance levels were identified at $1.55, $2.24, and $3.40, corresponding to both historical price clusters and the targets set by analysts.

The size and strength of the breakout candle suggested a continuation of the bullish trend, supported by high market participation. Retests of broken resistance zones as support further validated the upward momentum.

Also Read: Here’s Why Hedera (HBAR) Price Is Pumping

Market Sentiment and Social Media Insights

Social media posts fuelled optimism about ONDO’s potential institutional integration. Crypto Winkle’s tweet highlighted Ondo Finance’s institutional-grade on-chain financial solutions, which could pique the interest of both retail and institutional investors.

Moreover, the mention of a potential Binance listing added to market speculation. Another analyst, Sjuul from AltCryptoGems, reinforced the bullish sentiment with a post stating that ONDO’s price is “going higher as expected.”

These community-driven narratives amplify trading volume and market interest, contributing to ONDO’s rising momentum.

good morning $ONDO and good morning future condo owners!

We are just going higher as expected, much higher!https://t.co/nCJ0W95RH8 pic.twitter.com/W4r2pSr7Mv

— Sjuul (@SjuulNFT) March 12, 2023

With ONDO trading above its previous resistance zones, traders were keeping an eye on the targets of $1.55, $2.24, and $3.40. The breakout from the Falling Wedge pattern positioned ONDO for further growth, provided it maintained its support levels.

While bullish sentiment dominated, the market would likely be watching for consolidation or retests as indicators of a sustained upward movement.

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