ONDOTRY Market Overview: 2025-11-05

• Ondo/Turkish Lira traded in a 24.34–25.46 range with a 1.49% 24-h gain, ending at 25.20.• Strong volume and price consolidation above 25.00 suggest bullish momentum.• Key resistance at 25.45 and support at 24.95 marked by recent price action.

Ondo/Turkish Lira (ONDOTRY) opened at 24.82 on 2025-11-04 at 12:00 ET and reached a high of 25.46 before closing at 25.20 on 2025-11-05 at the same time. The 24-hour range was 24.34 to 25.46, with total traded volume of 536,805.99 and turnover of 13,455,245.17 Turkish Lira. Price appears to have consolidated above 25.00 ahead of the session close.

Structure & Formations

Price action over the 24-hour period displayed key support at 24.95 and resistance at 25.45. A bullish engulfing pattern formed between 19:30 and 20:00 ET, indicating a potential reversal in bearish momentum. A doji candle appeared at 03:30 ET, suggesting indecision in the market. The structure points to a potential continuation above 25.10 if the 25.45 level is tested.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are aligned above 24.90, with the 50-period slightly leading, suggesting a positive bias. On the daily timeframe, the 50-period MA sits at 24.70, while the 100-period MA is at 24.55, with the 200-period MA at 24.40. Price appears to be trading well above all major MAs, reinforcing the bullish trend.

MACD & RSI

The MACD line remains above the signal line, with a narrow histogram indicating consolidation. RSI is currently at 57, suggesting neutral momentum, though with room to move higher. Price appears to be gathering steam above key levels, and a RSI break above 60 could confirm a shift into overbought territory.

Bollinger Bands

Price has remained within the upper and lower Bollinger bands for most of the day, with a recent contraction suggesting a potential breakout. The bands have widened slightly as price approached 25.45, indicating increased volatility. If the upper band at 25.50 is breached, it could trigger a short-term bullish reaction.

Volume & Turnover

Volume spiked significantly during the 20:30–21:00 ET and 05:00–06:00 ET sessions, with turnover aligning with price increases. Divergence in volume and price appears minimal, indicating strong conviction in the upward move. Notional turnover has remained steady above 400,000 Turkish Lira in key bullish periods.

Fibonacci Retracements

Applying Fibonacci retracements to the 24.34–25.46 swing, the 38.2% level is at 25.00 and the 61.8% at 25.33. Price appears to have found support at the 38.2% level, and a test of the 61.8% retracement could indicate a potential continuation of the trend. Daily retracements from a longer-term move remain above 24.70.

Backtest Hypothesis

Given the relevance of the MACD indicator in assessing trend shifts, a backtest using the MACD Golden and Death cross could help identify historical performance. A hypothetical strategy would enter long on a Golden Cross (MACD above signal line) and exit on a Death Cross (MACD below signal line) within the timeframe of 2022-01-01 through 2025-11-05. If the correct ticker is validated, this backtest could offer insights into how the asset historically responded to such momentum signals.