ONDO surged after the announcement related to DTCC and broke through the $0.297 resistance level.
In one day, ONDO increased by 1.58% and by 21% in one week. The main driving force came from the announcement on X that Ondo was selected to the DTCC Working Group to “promote Tokenize in the US”.
Why is ONDO's $0.30 price level being watched so closely?
The $0.30 level has acted as resistance since February 14th. ONDO fluctuated within the $0.25-$0.30 range before a clear breakout on Monday, May 4th. The price surpassing $0.297 indicates the market has broken through a key technical level, but the $0.30 level remains a psychological threshold prone to price reactions.
What do current technical signals say about the trend?
Although the recent rally reflects positive sentiment surrounding the new announcement, the daily chart is still described as bearish. The most recent breakout of the pattern occurred in January, and since then, the author has applied Fibonacci levels to the subsequent downtrend. From this perspective, a break above $0.30 could pave the way to $0.413, possibly even retesting the $0.47 peak. However, until $0.47 is fully breached, the pattern is not XEM a complete reversal.
This development suggests that traders may see short-term upward momentum, but the available data is insufficient to conclude that an uptrend has been confirmed on a larger timeframe. The missing piece is the subsequent price reaction around $0.30 and the ability to hold this area after a breakout .
Which price range is worth XEM on the 4-hour timeframe?
On the 4-hour timeframe, the structure appears bullish, but the price may slow down after the breakout and a pullback may occur. The $0.286-$0.295 region is XEM a "golden pocket" according to Fibonacci. If the price retreats to this area, it will be noted as a key point to observe the reaction. Conversely, the uptrend will lose its validity if ONDO continues to fall below the $0.275 low on the 4-hour timeframe.
The author also notes the possibility of a strong price reaction from the 50% retracement level at $0.30. This is consistent with the market having just broken out of a narrow price range, so volatility around the breakout area may remain significant in the short term.
Ondo was selected to join the DTCC Working Group to “promote Tokenize in the U.S.”.
– Ondo's announcement on X
Summary
ONDO is being driven by two factors simultaneously: the announcement related to DTCC and the breakout above the $0.30 level after weeks of being blocked. However, the daily chart still doesn't show a clear reversal, while the 4-hour chart leans towards the possibility of a correction to closer support zones. The available data is insufficient to conclude that the medium-term trend has completely changed, so the price reaction around $0.30 and $0.275 will be key levels to watch.
