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Regardless of failing to interrupt out of its downtrend, ONDO might be making ready for a surge above the $2 barrier. Some analysts counsel it may 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 dropping the world as assist 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 value above the $2 barrier for the primary time, however the late 2024 and Q1 2025 corrections halted its bullish momentum, sending its value to the $0.60-$0.70 vary.
Following the late April market restoration, ONDO’s value 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 almost a month in the past.
Since then, the token has been in a one-month downtrend, dipping under its native vary after the latest 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 a protracted 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 get away 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 famous ONDO’s efficiency over the previous yr, asserting, “Unsure there are various different charts trying pretty much as good on excessive time frames like ONDO.”
He defined that “The King of RWA” is “principally holding a bullish construction since its launch,” making a collection of upper lows for over a yr whereas sustaining its ascending assist trendline.
In the meantime, analyst Alex Clay steered that ONDO may see a parabolic run based mostly on its efficiency in 2024.
The market watcher famous that the token is presently 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 yr, ONDO noticed a multi-month downtrend towards the decrease boundary, earlier than printing the next low. This was adopted by a large rally towards the channel’s prime.
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This yr, ONDO is “following the Bullish Fractal from the earlier yr” after falling to the channel’s decrease boundary, breaking out of the downtrend line, and registering the next 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 may surge towards the $2.8-$3 space.
On the time of writing, ONDO trades at $0.84, a 5.2% decline within the every day timeframe.
Featured Picture from Unsplash.com, Chart from TradingView.com
