ONDO token is trading close to support at $0.70-$0.75, and traders are talking about a possible price reversal. A recent analysis shows the asset forming a bullish wedge pattern, which has led to big price increases in the past. The chart shows that ONDO’s price has followed this pattern before, with breakouts leading to strong upward moves.

Crypto expert Lucky further adds to the discussion, emphasizing that ONDO is in an accumulation phase. The post suggests that long-term investors might find the current levels attractive, as historical patterns indicate a possible breakout in the coming weeks. While no financial advice is given, the analysis aligns with the technical indicators suggesting that ONDO could be setting up for a bullish move.

ONDO has displayed multiple bullish wedge formations over time, each preceding a significant breakout. Right now, ONDO’s price is consolidating in a downward-sloping channel and approaching a potential breakout point. These patterns typically signal a momentum shift, often causing price surges when resistance breaks.

A similar pattern previously led ONDO to rally to $1.50 after breaking resistance, and if this setup plays out again, analysts suggest the next target could exceed $2.00. The support level where ONDO is currently trading has been tested multiple times, reinforcing its strength as a potential launch point for an upward move.

ONDO’s price is holding at a strong support zone, an area where buyers have stepped in on multiple occasions. If this level holds, a breakout could see ONDO targeting $1.48-$1.50, where the next major resistance lies. Beyond this level, the next significant target could be $2.00+, based on past breakout behavior.

However, failure to maintain support could lead to further downside before another potential recovery. Traders are closely watching price action to determine whether accumulation at this level will translate into a bullish move.

The tweet from Lucky suggests a growing interest in ONDO’s price action among long-term holders. The talk about an “accumulation phase” suggests big investors might be buying at current prices.

While overall market sentiment is neutral, the technical indicators and past price movements hint that ONDO might be about to break out. Traders are watching key levels, looking for signs of a move that could potentially double the token’s value.

Read Also: Expert Pinpoints the Best Time to Accumulate Kaspa (KAS) – Latest on Crescendo Upgrade

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The post ONDO Price Action Suggests a Potential Reversal: Could a ~100% Surge Be Next? Here’s the Outlook appeared first on CaptainAltcoin.

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