The ONDO had given a breakout earlier in mid-May 2024 from a symmetrical triangle pattern and topped $1.47. Still, the supply pushed away, which formed support at $0.8752 by July 8th in resonance with BTC price activity.
The broader picture showcases on the daily chart that the usual price performance used to be in an upward channel, but as BTC dipped, the ONDO fell more devastatingly and breached the channel's lower border. The overall sentiment turned bearish as its price structure became bearish, forming a bearish pattern, precisely a rising wedge pattern.
Despite the bearish overall sentiment, the hopes are still alive as the ONDO price has resurged from a critical support level on July 8th. However, the BTC stopped as it encountered resistance, and so did the ONDO price, which was met at $1.15.
Looking more closely, once the BTC crosses the historical level of $66K for the upside, the ONDO would most likely surpass the $1.15 hurdle. Once this possible hypothesis becomes a reality, the ONDO could re-enter its upward channel and continue its trading activity in the wedge.
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