Market Overview for Ondo/Turkish Lira (ONDOTRY)

Summary
• Price surged from 27.36 to 28.71, showing strong bullish momentum.
• High volatility driven by a sharp pullback into 27.67 and rebound.
• Volume remained elevated, confirming key price levels and reversals.

Ondo/Turkish Lira (ONDOTRY) opened at 27.36 on 2025-11-07 at 12:00 ET and reached a high of 28.71 before closing at 28.15 at 12:00 ET on 2025-11-08. Total volume was 507,334.15 and turnover amounted to 13,682,565 Turkish Lira in the last 24 hours. The pair appears to be navigating a volatile but well-defined bullish trend with clear resistance and support levels forming.

Structure & Formations

The price chart shows a bullish impulse wave followed by a corrective phase, with a potential bearish engulfing pattern appearing at the high of 28.71. Key support levels were identified near 28.01 and 27.88, with a strong bearish rejection occurring at 28.71. A doji appeared near 28.01, signaling indecision and potential continuation.

Moving Averages

On the 15-minute chart, the 20 and 50-period moving averages (SMA) are both trending upwards, with the 50 SMA acting as a dynamic support around 27.95. The 200-period daily SMA is positioned slightly lower at 27.6, indicating the overall trend remains bullish, though with potential for consolidation.

MACD & RSI

The 15-minute MACD is in bullish territory with a positive crossover, reinforcing the recent uptrend. The RSI hit overbought levels near 28.71, pulling back to around 58–62, suggesting the pair may consolidate before resuming an upward direction. Momentum appears to be waning slightly but remains above neutral.

Bollinger Bands

Price action has shown volatility expansion from a narrow band around 28.01 to a wide band at 28.71. The current close of 28.15 sits near the middle band, indicating a potential consolidation phase. A retest of the upper band may trigger renewed bullish momentum.

Volume & Turnover

Trading volume surged during the bullish breakout, particularly between 17:30 and 19:00 ET on 2025-11-07, confirming the move higher. Turnover also spiked in this period. A divergence is visible as the price pulled back into the 27.67 area but with lower volume, suggesting bearish exhaustion.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement level is at 28.01, which coincides with a key support level. The 38.2% retracement is at 28.50, where the price showed a rejection in the form of a bearish candle. On the daily chart, Fibonacci levels are likely to form around 27.5–27.6, offering a potential support range.

Backtest Hypothesis

To evaluate a potential strategy based on the bullish and bearish candlestick patterns observed—such as the bearish engulfing at 28.71 and the doji at 28.01—a backtest could be designed to trigger long entries after a confirmed bullish engulfing pattern and short entries after a bearish engulfing. Exit rules could be based on either a fixed holding period (e.g., 48 hours) or a trailing stop at 2% below the entry price. This approach would allow testing how such signals performed across similar market conditions since 2022. The MACD and RSI indicators could further refine the timing of entry and exit signals by filtering for overbought or oversold conditions.

A chart showing ONDOTRY's 15-minute candlestick pattern would highlight the bullish impulse wave, bearish engulfing pattern, and key support levels.

A MACD and RSI overlay would illustrate the overbought levels at 28.71 and the pullback into neutral territory, aligning with volume spikes for confirmation.