Ondo has fallen by 9.21% from recent higher after being rejected from resistance, but the price is now coming near a high-connection support area. If the demand returns to this level, a rapid reversal may soon follow.
Summary
- Ondo has corrected the price area at least and is approaching the $ 0.83 support.
- $ 0.83 POC, 0.618 FIB and channel is a high-connecting zone with low alignment.
- A rapid upsurge
After a lease Rali, Ondo (Ondo) has entered a corrective phase and is now trading below the price area. This pullback has brought price action towards an important support area around $ 0.83. This zone aligns with several technical conferences, points of control, 0.618 fibonacci retracement, and a local trading channel, which makes it a high-pompley to live again for the sect.
Major technical points
- $ 0.83 high-conference support: Points of control, 0.618 fibonacci, and channels low align at this stage.
- Healthy improvement: Rejection from resistance has brought value to a potential high low area.
- Volume is the key: The ballish volume needs to be returned to support to confirm the land and validate the opposite.
Resistance was expected to rejection from resistance after such a strong reverse step, and as a result the text looks structurally healthy. Instead of breaking the structure of the market, Ondo is approaching an area that can establish a high low -asental feature of a constant rapid trend. The $ 0.83 area now becomes important. Catching this level can trigger a rotation towards the recent higher and can continue the wider uptrend.
From the point of view of a market structure, this corrective Mot DOS does not yet invalidate the thesis rapidly. The price is broken below any major high level and a textbook is coming near the support area. If the support is confirmed through the price stability and volume flow, then it will be in a high place and will play for a possible breakout in further sessions.
The volume profile will be important to validate any inverted from this level. Traders should closely monitor for strong rapid volume (blue volume bars) around the point of control. This would suggest that the demand is actively proceeding to define support and absorb support. Without this influx, there is a risk of flowing or negative continuity.
However, if shown at this stage, a reversal program increases significantly. A re -receipt of value is a low clock, then serves as additional deformation, such as after a challenge of previous resistance levels that caused initial rejection.
What is expected in the upcoming price action
Ondo is contacting a major support area at $ 0.83, where rapid rescue suggests a high-product inverted area. If the straw volume returns, expect a possible bounce and composition continuity. Failure to hold the negative side can be on the negative side, but the current improvement remains widely healthy.
