ONDO Price Breaks Key Resistance—Is a 30% Spike in Sight?

ONDO is getting noticed after breaking through a price barrier, and people think it could go up 30-40%. The price movement looks strong based on technical charts

Cryptocurrency price updates for today, Feb. 28, 2023, include price analysis for Bitcoin (BTC), Dogecoin (DOGE) and Aptos (APT).

People are talking about ONDO after it broke through a price barrier, and they think it could go up 30-40%. The price movement looks strong based on technical charts, and crypto analyst Trader Mario talked about it on X (formerly Twitter). ONDO is doing better than Bitcoin right now, showing it’s got some real strength in the market.

ONDO Price Chart Analysis

Taking a closer look at the price chart, we can see that ONDO’s price has been making higher lows since early December, which is a sign of a bullish trend. This trend is also supported by a rising trendline.

Over the past week, the price movements have formed a symmetrical triangle pattern, which is often seen as an indication of potential breakouts. In this case, ONDO successfully broke out of the upper boundary of the triangle, which is a bullish price development.

Following the breakout, projections based on the triangle height suggest a price target between $2.8 and $3.0. This price range corresponds to a 30-40% increase from the breakout level, which was around $2.0.

The chart also shows that the price encountered minor pullbacks during its ascent, which are indicating healthy consolidation phases as the token price continues its climb.

Support and Resistance Levels

Coming to the support levels, we can see that ONDO’s price is being supported by two key levels.

The ascending trendline, which we mentioned earlier, is providing reliable dynamic support, with each downward dip meeting strong buying interest.

Additionally, a horizontal support zone has formed around $1.95, which is further strengthening the bullish case.

On the resistance side, we can see that $2.6 appears as an interim resistance level, while the primary resistance is situated near $2.8.

This level marks the upper limit of the anticipated target zone and will serve as a crucial price test in the near term.

Trader Mario’s Tweet Reinforces Bullish Outlook

In a tweet, crypto analyst Trader Mario highlighted ONDO’s strength, particularly in relation to Bitcoin, and noted that ONDO’s price has maintained its position “very strongly” and confirmed a breakout on lower time frames (LTF).

Based on his observations, Mario projects an upcoming rally with an upside potential of 30-40%.

This aligns with the technical chart analysis, where the breakout and momentum are pointing toward further upward movement. ONDO’s ability to sustain its position relative to Bitcoin signals growing investor confidence in the token.

Read Also: Is Bitcoin (BTC) Price Correction Imminent? Experts’ Analysis

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