ONDO To Repeat 2024’s ‘Parabolic’ Run? Analyst | Crypto News
Despite failing to escape of its downtrend, ONDO could possibly be making ready for a surge above the $2 barrier. Some analysts recommend it might repeat its 2024 playbook if it continues to maintain its present ranges.
ONDO Breakout Eyes $2
ONDO, the native token of the tokenized real-world asset (RWA) platform Ondo Finance, is trying to reclaim a key space amid the market pullback. Notably, the cryptocurrency has struggled to maintain the $1 mark since dropping the world as help over three months in the past.
In December, the RWA token hit its all-time high (ATH) of $2.14 after US President Donald Trump’s crypto enterprise, World Liberty Financial (WLFI), bought 134,216 ONDO tokens for 250,000 USDC.
This propelled ONDO’s price above the $2 barrier for the first time, but the late 2024 and Q1 2025 corrections halted its bullish momentum, sending its price to the $0.60-$0.70 vary.
Following the late April market restoration, ONDO’s price 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 May, hitting a three-month high of $1.13 practically a month in the past.
Since then, the token has been in a one-month downtrend, dipping below its native vary after the latest market pullback. However, the cryptocurrency has been trying to reclaim this vary for the previous week, hitting a one-week high of $0.92 on Wednesday.
Crypto analyst World of Charts highlighted the token’s efficiency, affirming, “after a long correction, Finally Looking Good For Midterm.”
As ONDO makes an attempt to reclaim the $0.90 space, the analyst anticipates that the cryptocurrency will soon escape of its present vary and the downtrend line, forecasting a 130% rally toward the $2 barrier.
2024 ATH Repeat Coming?
On Thursday, analyst Sjuul from AltCryptoGems famous ONDO’s efficiency over the previous yr, asserting, “Not sure there are many other charts looking as good on high time frames like ONDO.”
He defined that “The King of RWA” is “basically holding a bullish structure since its launch,” making a sequence of greater lows for over a yr while sustaining its ascending help trendline.
Meanwhile, analyst Alex Clay prompt that ONDO might see a parabolic run based mostly on its efficiency in 2024.
The market watcher famous that the token is at present accumulating at the underside of a 15-month ascending channel, which beforehand served as a essential bounce level for its rally toward its ATH.
As Clay defined, after reaching the channel’s higher boundary final yr, ONDO noticed a multi-month downtrend toward the decrease boundary, before printing a greater low. This was adopted by a huge rally toward the channel’s high.
This yr, ONDO is “following the Bullish Fractal from the previous year” after falling to the channel’s decrease boundary, breaking out of the downtrend line, and registering a greater low.
“These 2 reasons are more than enough to pump straight up to the channel’s top,” the analyst concluded. If historical past repeats, the cryptocurrency might surge toward the $2.8-$3 space.
At the time of writing, ONDO trades at $0.84, a 5.2% decline in the day by day timeframe.
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