ONDO Crypto At ATH: Can It Hit the $5 Mark? Analysts Weigh In

• Ondo price has advanced by 240% since November’s low.
• The 24-hour trading volume has dropped by 33% to $381.52 million.

Ondo (ONDO) price has been in a strong bullish trend and has recorded a new all-time high (ATH) of $2.14 on Dec 16. The ONDO crypto has triggered a breakout from a 4-month consolidation zone. After the breakout, the price has advanced by 114% in a month.

Amid this bull run, the ONDO price has experienced a dip. However, buyers have lifted it back. Since November, the price has been rising by taking support on the 20-day EMA. Based on the chart, the 20-day EMA could immediately support the ONDO crypto.

Analysts Expecting 150% Jump in ONDO Price

Solberg Invest, a crypto analyst, claimed that the Ondo coin price has the potential for a bullish rally. The price has triggered a breakout from a falling wedge pattern on a weekly time frame.

After this breakout, the price has witnessed a decent move. Furthermore, it continuously forms green candlesticks.

Amid this bull run, the price is expected to continue the bullish trend. The token may hit the $5 mark if buyers remain strong. Here, the global market could play a crucial role in the further momentum. Suppose the BTC price holds over $100K; all the altcoins might perform well.

Could ONDO Price Defend $2 Mark or Profit Booking Ahead?

ONDO crypto was trading at $2.00 at press time, which has declined by 1.66% over the past 24 hours. Its market capitalization was $2.76 Billion, and the 24-hour trading volume was $381.52 Million.

The technical chart suggested that the momentum seems to be slowing down near the $2 territory. However, the price has recorded a new ATH recently, which shows that buyers are strong.

A selling opportunity could be seen if the price forms any bearish candlestick near the $2 mark. Buyers might prefer to book a profit once the price starts trading below the $2 mark. If the price fails to defend the support level of $1.4, sellers might dominate further.

Alternatively, if the ONDO price surpasses the $2 mark with strong buying pressure, it could be a bullish signal. If the price starts trading over the $2.20 mark, it may keep surging ahead and may continue the trend.

Turning to the technical indicators, the MACD and Signal line stayed over the Zero line. The histograms have remained green, demonstrating buyers’ grip. ONDO price was dominating key moving averages, which showcases a bullish forecast.

ONDA Price Analysis Based on Trend

The ONDO crypto has demonstrated a significant bullish trend. It has achieved an all-time high price of $2.14, reflecting strong buying support since November.

Analysts predict the potential for further gains. The price could reach the $5 mark if market conditions remain favorable, particularly with Bitcoin‘s performance.

However, there are concerns about price consolidation near the $2 mark. That could lead to profit booking if bearish patterns appear.

Overall, the outlook remains positive with bullish indicators. At the same time, close attention to market dynamics and support levels will be crucial for investors in the coming weeks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.