ONDO price has broken a key triangle formation and thus has improved its bullish technical structure. At the moment, the coin is pulling back from its recent strong run amid watch by traders on the breakout level. It should be noted that falling derivatives interest shows caution amid the expansion of Ondo Finance’s ecosystem.
ONDO Price Holds Above Triangle Breakout
ONDO has attracted renewed attention after a strong technical breakout shifted its short-term market structure to the upside.
According to crypto analyst LAR, the token broke above a triangle formation and maintained its position above the breakout zone. The move has strengthened the bullish setup and raised expectations for further upside in the coming sessions.
Source: LAR’s X Post
LAR also observed that there is an order block created after the breakout, which provided further evidence of the bullish formation.
LAR is considering an upside objective near the $1.17 liquidity pool. Rather than placing all the trades at one price level, LAR will accumulate ONDO using limit orders at $0.3800, $0.3540, and $0.3390.
Technical Indicators Show Profit-Taking After Rally
TradingView analysis offers a wider perspective on the price activity of ONDO over the past few days.
The chart shows that the token saw an extremely strong bullish breakout on the four-hour time frame after consolidation within the range of $0.3300-$0.3500 through the first half of September. The sharp buying led to a high of about $0.4600 before resistance met.
Source: TradingView
A retrace of ONDO to $0.41618 is observed with a powerful red candlestick that shows increased bearish sentiment.
The price is currently trading below the 20-period EMA at $0.42910 and the mid-Bollinger Band at $0.43437, where the lower band is at $0.41244. However, the 50-, 100-, and 200-period EMAs are still under the price level.
Also Read: ONDO Price Eyes Breakout as Technical Setup and Ecosystem Growth Align
ONDO Price Breakout Could Push the Rally to $1.17
The LAR trading strategy sets the stop-loss at $0.3200, situated below the order block detected. This is an important invalidation level for the long trade setup because if the price falls below this level, it may imply that the existing technical setup will be weakened and the price movement of ONDO is under threat.
For starters, LAR recognizes that the $1.17 zone is the main target for liquidity. Breaking into this level would mean that the breakout by ONDO must be sustained despite the selling pressure and building up support in case of any retracement. The other advice given by the analyst is to stick to the plan.
ONDO Derivatives Signals Short-Term Cooling
Though the price framework of ONDO is still constructively designed, it seems that derivatives trading has slowed down in recent times, as per the CoinGlass data.
This is evidenced by the reduction in the trading volume by 10.93% to $476.02 million and the decline in the open interest by 7.94% to $308.88 million.
Source: Coinglass
In terms of ONDO, the slowdown in derivatives turnover occurs amid consolidation below its latest high.
The resumption in growth in terms of volume and open interest and a break higher above certain technical levels may be viewed as a potential signal of another trend development on account of higher market activity.
Ondo Finance Expands Private Client Program
Apart from chart success, Ondo Finance has been building on its ecosystem with the Ondo Private Client service, which is an initiative aimed at high net worth individuals and traders on Ondo Stocks.
Qualified users will be granted priority access to services, product launches, and exclusive events without having to apply or pay any fee.
Currently, the tiers in the program include Platinum, Diamond, and Obsidian. The users attain each level automatically as long as their wallets contain the requisite amount of money.
According to Ondo Finance, there is potential for more perks as the project expands, which will give those who qualify a chance to enjoy more from the platform.
What Comes Next for the ONDO price?
With a positive technical setup, breakout, and continued development in its ecosystem, ONDO remains firmly on the radar.
However, with the ongoing consolidation phase and reduced market liquidity, there is bound to be a lot of interest from traders around the levels of support and involvement of derivatives.
Also Read: ONDO Price Eyes $0.46 Breakout as Tokenization Growth Strengthens Outlook
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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