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Regardless of failing to interrupt out of its downtrend, ONDO could possibly be getting ready for a surge above the $2 barrier. Some analysts recommend it might repeat its 2024 playbook if it continues to carry its present ranges.
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ONDO Breakout Eyes $2
ONDO, the native token of the tokenized real-world asset (RWA) platform Ondo Finance, is making an attempt to reclaim a key space amid the market pullback. Notably, the cryptocurrency has struggled to carry the $1 mark since shedding the world as help over three months in the past.
In December, the RWA token hit its all-time excessive (ATH) of $2.14 after US President Donald Trump’s crypto enterprise, World Liberty Monetary (WLFI), bought 134,216 ONDO tokens for 250,000 USDC.
This propelled ONDO’s worth above the $2 barrier for the primary time, however the late 2024 and Q1 2025 corrections halted its bullish momentum, sending its worth to the $0.60-$0.70 vary.
Following the late April market restoration, ONDO’s worth reclaimed the $0.85 space and broke out of its multi-month downtrend. The cryptocurrency then hovered between the $0.85-$1.10 ranges all through Might, hitting a three-month excessive of $1.13 practically a month in the past.
Since then, the token has been in a one-month downtrend, dipping beneath its native vary after the current market pullback. Nevertheless, the cryptocurrency has been making an attempt to reclaim this vary for the previous week, hitting a one-week excessive of $0.92 on Wednesday.
Crypto analyst World of Charts highlighted the token’s efficiency, affirming, “after an extended correction, Lastly Trying Good For Midterm.”
As ONDO makes an attempt to reclaim the $0.90 space, the analyst anticipates that the cryptocurrency will quickly escape of its present vary and the downtrend line, forecasting a 130% rally towards the $2 barrier.
2024 ATH Repeat Coming?
On Thursday, analyst Sjuul from AltCryptoGems noted ONDO’s efficiency over the previous 12 months, asserting, “Undecided there are a lot of different charts wanting pretty much as good on excessive time frames like ONDO.”
He defined that “The King of RWA” is “mainly holding a bullish construction since its launch,” making a collection of upper lows for over a 12 months whereas sustaining its ascending help trendline.
In the meantime, analyst Alex Clay suggested that ONDO might see a parabolic run primarily based on its efficiency in 2024.
The market watcher famous that the token is at present accumulating on the backside of a 15-month ascending channel, which beforehand served as a vital bounce level for its rally towards its ATH.
As Clay defined, after reaching the channel’s higher boundary final 12 months, ONDO noticed a multi-month downtrend towards the decrease boundary, earlier than printing a better low. This was adopted by a large rally towards the channel’s prime.
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This 12 months, ONDO is “following the Bullish Fractal from the earlier 12 months” after falling to the channel’s decrease boundary, breaking out of the downtrend line, and registering a better low.
“These 2 causes are greater than sufficient to pump straight as much as the channel’s prime,” the analyst concluded. If historical past repeats, the cryptocurrency might surge towards the $2.8-$3 space.
On the time of writing, ONDO trades at $0.84, a 5.2% decline within the each day timeframe.
Featured Picture from Unsplash.com, Chart from TradingView.com