Analysis
ONDO crypto’s $2 test – Traders, watch out for THIS demand zone!
The 2-week lookback period showed that there were three liquidity clusters of note nearby, with $1.67 being a reversal zone.
- Ondo crypto bulls fought to defend the $2 mark, but price could be falling toward $1.9 in the coming days.
- On the higher timeframes, ONDO maintained a bullish outlook and could climb to $3.
Ondo [ONDO] has shed 5.44% over the past 24 hours and its daily trading volume has fallen 32%. The lower timeframe price action outlined the $1.9 zone as a key support zone.
The 1-day chart outlined a bullish structure and dips to $1.67-$1.8 were for buying.
Ondo crypto challenges psychological $2
Source: ONDO/USDT on TradingView
After the deep retracement to $1.3 on the 9th of December, ONDO has bounced higher quickly. The momentum and market structure were bullish, evidenced by the higher lows and the Awesome Oscillator being well above zero.
A local high at $2.146 was formed and over the past 48 hours the ONDO bulls have been pushed backward. However the CMF was at +0.16 to reflect strong capital inflow to the market. This supported the idea that the higher timeframe bias was bullish.
The weekly significant levels to watch are $0.5 and $1.48, both of which were relatively far away from current market prices. In the coming days, the $1.72 area could be retested as a demand zone. The recovery from $1.3 was used to draw a set of Fibonacci levels.
Beyond $2.14, the $2.34 and $2.66 levels were the next bullish targets for Ondo crypto.
Will the liquidity below $1.8 pull prices toward it?
Source: Coinglass
The 2-week lookback period showed that there were three liquidity clusters of note nearby. The first two were $1.67 and $1.77, and the third at $2.1. While $2.11 pocket was much closer, the $1.67 region has much more liquidation levels.
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As the stronger magnetic zone, there was a chance that Ondo crypto would fall to the $1.7 demand zone in the coming days. In the lower timeframes, the $1.8 zone was also an interesting liquidity pocket where a price bounce could occur.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
