The ONDO/USDT pair has displayed a classic Head & Shoulders pattern on its 4-hour chart, raising concerns about potential bearish momentum.
The pattern, characterized by a left shoulder peaking near $2.00, a head forming around $2.30, and a right shoulder forming below $1.90, suggests a weakening trend. The critical neckline at $1.48 has so far held as support.
A decisive break below this level could confirm a deeper correction, potentially targeting lower support levels. However, a surge above the $1.86 resistance level, marking the recent high before the right shoulder formation, could negate the bearish outlook.
Technical Indicators:
- Volume: Low volume, coupled with an RSI of 34.85, indicates diminished momentum, aligning with the pattern’s completion.
- MACD: A possible upward cross suggests a potential bullish reversal if resistance is decisively broken.
Whale Activity:
Transaction history reveals five wallets actively trading in ONDO. These wallets spent a significant $7.87 million to re-enter the market after a prior exit, demonstrating substantial financial moves.
Conclusion:
Traders should closely monitor the $1.48 and $1.86 price levels. A break below $1.48 could confirm a bearish correction, while a break above $1.86 could signal a new bullish phase.
December 2024, Cryptoniteuae
