The ONDO/USDT price has shown a classical Head & Shoulders pattern on its 4-hour chart, indicating potential bearish momentum.
This pattern was distinctly visible with the left shoulder peaking near $2.00. The head around $2.30, and the right shoulder forming below $1.90 suggested a weakening trend.
The crucial neckline at $1.48, has so far held as support. A breach below this level, as noted in past action, could confirm a deeper correction, targeting lower supports.
However, to negate this bearish outlook, ONDO need to ascend past the $1.86 resistance. This would mark the recent high before the formation of the right shoulder.
Traders need to watch the $1.48 and $1.86 price levels closely. Movements beyond these thresholds could determine the subsequent direction.
If ONDO manages to surge above $1.86, it could signal the start of a new bullish phase. Potentially this could be challenging previous highs and beyond.
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The volume, coupled with the Relative Strength Index (RSI) lingered around 34.85, showing diminished momentum, aligning with the pattern’s completion.
Additionally, the MACD hinted at a possible upward cross. This suggested that a bullish reversal was conceivable if resistance was decisively broken.
These movements require continuous monitoring to capture the potential shift in trend dynamics.
Whale Activity Impact on ONDO Price
This detailed transaction history showed five wallets actively trading in ONDO. Cumulatively they spent $7.87 Million to re-enter the market after a prior exit.
Each wallet demonstrated significant financial moves, reacquiring large amounts of ONDO tokens within a week of selling them.
Identifiable by its address 0x16fdd4cf6b71d6fd7f08918008580e893e94c51f, Wallet 1 spent $2.46 Million USDT to purchase 1.64 Million ONDO.
Wallet 2, with address 0x147af8141efa3439778a5284d2c161e146719c42, invested $1.86 Million USDT for 1.19 Million ONDO.
The third wallet using address 0x733ccf3aa196eb4b57593c4d3688958f9f66e102, allocated $1.44 Million USDT for 935,000 ONDO.
The primary actor, Wallet 4 at address 0x80366ae5233f042a8ed38e2c99045ef654602c18, known as the ‘Main Wallet,’ expended $1.28 Million USDT for 873,000 ONDO.
Finally, Wallet 5, associated with address 0x86dcbb3ab771844eb07e7dc5e0477e510b1faf0d, purchased 570,000 ONDO for $824,000 USDT.
This pattern of re-engagement suggested a strategic timing for buying back into ONDO, possibly anticipating future price increases.
The wallets’ synchronized actions could be seen as a calculated move. This can potentially influence ONDO’s market dynamics if these large volumes were to prompt a wider market response.
This a signal of confidence from high-stake traders in ONDO’s future performance, warranting close monitoring for similar patterns or significant price changes following these buys.
Total Market Crypto Cap
The cryptocurrency total market cap, as visualized in a Diamond Continuation Pattern, indicated a pivotal moment for potential growth.
From late November to mid-December, the market cap fluctuated within a broadening diamond shape, suggesting volatility and uncertainty for ONDO Price. The formation has tightened, pointing towards a decisive movement.
This pattern, often a bullish indicator, suggested that the market was consolidating energy for a major surge.
Historically, such patterns preceded significant upward movements. As the chart transitions into January 2025, the breakout from the diamond’s upper boundary becomes evident.
This movement aligns with the anticipation of an altseason, expected to benefit various cryptocurrencies, including Ondo Finance.
Ondo Finance, among others, is poised to capitalize on the market’s uptrend. The market’s behavior, reflected increased investor confidence, potentially driving significant capital into altcoins.
If the pattern holds true, the total market cap is projected to rise sharply, with key cryptos like Ondo Finance expected to see substantial gains, potentially reaching new ATHs during this period.
This ONDO price pattern’s recognition is crucial for investors looking for signs of the next big market move, with implications for portfolio adjustments in anticipation of 2025’s projected growth phase.
