ONDO has entered a corrective phase, but the technical structure remains bullish. The price is now testing a high-confluence support zone that could trigger a fresh upward move.
Summary
The recent rejection of ONDO (ONDO) from high-timeframe resistance at $1.19 led to the loss of the value area high, triggering a short-term correction.
At last check on Saturday, the token was trading at $0.87. The overall trend remains constructive as long as price action holds above the point of control (POC) at $0.83. This level now acts as the key technical zone to watch in the immediate term.
The loss of the value area high was the first signal of weakness following the rejection at $1.19. This region had acted as a previous level of support but failed to hold on the most recent test. Despite this, price is now approaching the point of control around $0.83, which is backed by technical confluence including the 0.618 Fibonacci retracement. This makes the zone a high-probability region for support and potential reversal.
From a structural standpoint, ONDO’s price action still fits within a larger bullish narrative. A double bottom formation appears to be developing from the high-timeframe support at $0.67. As long as price does not break below that region, the pattern remains intact. A successful bounce from the point of control would form a higher low, reinforcing bullish structure and keeping the double bottom setup in play.
A decisive push from the $0.83 region, especially if supported by volume, would signal demand re-entering the market. That could open the door for a retest and eventual break of the $1.19 resistance level, which currently serves as the neckline of the double bottom formation. A breakout above this level would officially activate the pattern and target higher resistance at $1.56.
It is worth noting that despite the correction, the trend remains upward as long as the market continues to print higher lows. The recent selloff appears to be a natural pullback within an ongoing bullish environment rather than a full reversal. This makes the $0.83 region especially important from a trading and structural standpoint.
ONDO is currently trading towards the point of control at $0.83, a critical level for bullish continuation. If this support holds, the next move could be a breakout above $1.19, officially activating the double bottom. Failure to hold would shift attention to $0.67, but the overall structure remains bullish unless that level is lost.