ONDO price tests key resistance after bouncing off yearly low 🔅

Ondo Finance Ondo price is currently trading at $0.078, up 13% over the past week. The price recently rebounded from a yearly low of $0.62 on June 22, after briefly dipping below the lower trendline of the months-long descending channel on the 4-hour chart. As evident by the volume accompanying the rally from that low, strong buying pressure was present at that level, quickly pulling the price back within the channel’s range.
On the recent candles, ONDO price has also climbed above both the 20 EMA and the 100 SMA, with a bullish crossover forming between the two averages. The price is now approaching the upper boundary of the descending channel, having established a slightly higher high compared to the peak of the initial rally from the yearly low.
ONDO Price Analysis 📉
Momentum indicators are also leaning bullish. The Relative Strength Index has climbed to around 59, signaling growing strength but still leaving room before entering overbought territory. The MACD has formed a bullish crossover, with the MACD line moving above the signal line and shifting into positive territory.
Looking ahead, a breakout above the upper boundary of the descending channel, around $0.082 to $0.085, could pave the way toward the next targets near $0.090 and potentially $0.105, which correspond to the previous swing highs within the channel. On the downside, the immediate horizontal support lies at $0.072. A breakdown below this level would increase the likelihood that the price remains trapped within the channel in the near term.
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