Crypto Quill

Ondo (ONDO) is making a swift recovery, with prices jumping nearly 10% in the past 24 hours. Currently hovering around $0.8885, the token has reclaimed a $2.8 billion market cap, setting the stage for a potential push toward the $1 mark. With technical indicators showing bullish signals and a spike in new wallet addresses, investors are watching closely.

ONDO Price Shows Strong Recovery Signs

After weeks of struggle, ONDO’s price action is showing strength. The daily chart highlights a sharp V-shaped reversal from the psychological support level of $0.75.

Yesterday, the token surged 6%, and today it’s up another 7.36%, now trading near the 78.60% Fibonacci retracement level at $0.90. This rally follows five consecutive red candles, signaling a shift in momentum.

One of the most notable aspects of this uptrend is the formation of two back-to-back bullish candles. If this momentum holds, ONDO could soon challenge key resistance levels.

Market Indicators Suggest Bullish Momentum

Technical indicators are flashing bullish signs, but challenges remain.

• The MACD (Moving Average Convergence Divergence) and signal lines are inching closer to a bullish crossover, often a precursor to continued upside.
• However, the 50-day and 200-day Exponential Moving Averages (EMAs) are on the verge of forming a “death cross”—a bearish signal that could cap further gains.
• The Relative Strength Index (RSI) is climbing but remains in a neutral zone, leaving room for more upside.

If ONDO maintains its momentum, the recovery rally could extend to higher Fibonacci retracement levels, potentially testing $1.12–$1.14 in the near term.

ONDO Price Targets: What’s Next?

Based on Fibonacci levels and current price action, ONDO is facing two possible scenarios.

1. Bullish Breakout: If ONDO holds above $0.90 and breaks through the 67.80% Fibonacci level, it could surge toward $1.12–$1.14, where the 200 EMA also serves as a resistance zone.
2. Bearish Rejection: A failure to hold above the current level could trigger a correction. A post-retest reversal from the 78.60% Fibonacci level might send ONDO back down to $0.59, a critical support level.

This makes the coming days crucial, as ONDO traders watch for a decisive move.

Surge in New Wallets Strengthens Recovery Hopes

Beyond technicals, on-chain data is adding fuel to the bullish case. Prominent crypto analyst Ali Martinez pointed out a 390% surge in new ONDO wallet addresses, a clear sign of increasing adoption and demand.

Such a spike in new users often translates to stronger buying pressure, reducing selling risks and adding sustainability to the rally. If this trend continues, ONDO could see a more sustained uptrend rather than a short-lived spike.

The combination of fresh market interest, a key psychological barrier at $1, and technical indicators lining up makes ONDO’s next move an intriguing one. Investors should brace for volatility, but the signs are pointing toward more upside—at least for now.