ONDO has entered a corrective phase, but the technical structure remains bullish. The price is now testing a high-confluence support zone that could trigger a fresh upward move.
Summary
- ONDO rejected from $1.19 and is now trading towards the point of control at $0.83
- A double bottom pattern is forming, with $1.19 as the neckline and $0.67 as the key support
- The correction is viewed as bullish unless price breaks below the high-timeframe support at $0.67
The recent rejection of ONDO (ONDO) from high-timeframe resistance at $1.19 led to the loss of the value area high, triggering a short-term correction.
At last check on Saturday, the token was trading at $0.87. The overall trend remains constructive as long as price action holds above the point of control (POC) at $0.83. This level now acts as the key technical zone to watch in the immediate term.
Key technical points
- POC at $0.83 as Key Support: Aligned with the 0.618 Fibonacci retracement and structure
- Double Bottom Potential: Still forming as long as price stays above $0.67 high-timeframe support
- Bullish Correction: Current decline is a natural retracement from resistance in an uptrend
The loss of the value area high was the first signal of weakness following the rejection at $1.19. This region had acted as a previous level of support but failed to hold on the most recent test. Despite this, price is now approaching the point of control around $0.83, which is backed by technical confluence including the 0.618 Fibonacci retracement. This makes the zone a high-probability region for support and potential reversal.
From a structural standpoint, ONDO’s price action still fits within a larger bullish narrative. A double bottom formation appears to be developing from the high-timeframe support at $0.67. As long as price does not break below that region, the pattern remains intact. A successful bounce from the point of control would form a higher low, reinforcing bullish structure and keeping the double bottom setup in play.
A decisive push from the $0.83 region, especially if supported by volume, would signal demand re-entering the market. That could open the door for a retest and eventual break of the $1.19 resistance level, which currently serves as the neckline of the double bottom formation. A breakout above this level would officially activate the pattern and target higher resistance at $1.56.
It is worth noting that despite the correction, the trend remains upward as long as the market continues to print higher lows. The recent selloff appears to be a natural pullback within an ongoing bullish environment rather than a full reversal. This makes the $0.83 region especially important from a trading and structural standpoint.
What to expect
ONDO is currently trading towards the point of control at $0.83, a critical level for bullish continuation. If this support holds, the next move could be a breakout above $1.19, officially activating the double bottom. Failure to hold would shift attention to $0.67, but the overall structure remains bullish unless that level is lost.
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