ONDO WXY 🟢 1. Overall Trend:
ONDO is still holding above a long-term ascending trendline (blue upward line), indicating the bullish structure remains intact.
The current price is testing this trendline, which acts as a strong support level.
🧠 2. Elliott Wave Structure:
The chart suggests a W-X-Y corrective wave pattern may have just completed or is close to completing.
The recent low labeled (Y) could potentially be the bottom before a new bullish wave begins.
☁️ 3. Ichimoku Cloud:
The price is currently near the Kumo cloud, indicating indecision or consolidation.
The Tenkan-Sen (red) and Kijun-Sen (blue) lines are close together, showing a lack of strong trend momentum for now.
A breakout above the cloud would signal a bullish reversal confirmation.
📊 4. Fibonacci Retracement Levels:
Price is near the 23.6% retracement level (~$1.12) from the previous top – a key resistance zone.
Higher resistance targets include 61.8% (~$1.74) and the 100% previous peak (~$2.37).
📉 5. RSI (Relative Strength Index):
Weekly RSI is around 42.39, not yet oversold but nearing the lower bound.
There's a possible bullish divergence forming and RSI is curving upward – a positive early signal.
📈 6. MACD (Moving Average Convergence Divergence):
MACD line has just crossed above the signal line, and the histogram is starting to turn green.
On the weekly timeframe, this crossover is a strong bullish reversal signal if confirmed in the following candles.
📊 7. Volume:
Volume has increased recently, especially near the trendline support, showing buyer interest at lower prices.
🧩 Conclusion:
Current key support: $0.89–$0.91 zone (along the ascending trendline).
As long as this support holds and RSI + MACD continue improving, ONDO may rebound toward the next resistance levels at $1.12, $1.74, and possibly $2.37.
If the price breaks below the trendline, the next major support lies near $0.73.
