ONDO Price Nears $0.50 Support Level Amid Bullish Wave Speculation

ONDO, a cryptocurrency, is currently under scrutiny as its price approaches the critical $0.50 support level. Technical analysts, including Morecryptoonl, have noted that ONDO has breached its April 2024 low, shifting market focus to this pivotal support zone. The $0.50 level is significant as it held as the bottom in August 2024 and is crucial for preserving ONDO's bullish structure. A breakdown below this level could trigger further downside and risk invalidating the current bullish Elliott Wave structure.

The ongoing wave count suggests that ONDO may be completing a corrective (b) wave. If the $0.50 support holds, it could pave the way for a bullish wave iii, with targets set above $1.13. A confirmed breakout above $1.13 would mark a structural recovery and potentially open the door to new all-time highs. This scenario underscores the importance of the $0.50 support level in maintaining the bullish thesis for ONDO.

The daily chart of ONDO reveals the formation of a falling wedge pattern, a structure often associated with bullish reversals. Despite consistent seller pressure, there is a buildup of consolidation, indicating that a breakout may be imminent. Analysts have identified the $0.95 zone as a critical resistance area, marking it as a possible breakout target. If the price pushes through this barrier with strong volume, it could validate the wedge pattern and shift momentum in favor of the bulls.

At the time of reporting, ONDO is trading at $0.7398, reflecting a 0.45% gain in the last 24 hours. The token has shown mild intraday movement, fluctuating between $0.735 and $0.750. The recent 3.68% daily drop keeps ONDO within its tight wedge formation, highlighting the delicate balance of its technical outlook. The $0.50 support level remains crucial in maintaining the current bullish thesis for ONDO, and investors should closely monitor this level for potential signs of a reversal.