ONDO Bulls Watch $0.47 Flip: Could This Trigger Rally Toward $5+?

ONDO has drawn renewed market attention after a reported institutional purchase, offering potential for a multi-leg rally, according to the crypto analyst Crypto Patel, as of Tuesday, February 10. 

Retail investors now have the opportunity to track ONDO around $0.20, nearly 85% below the institutional entry price of $1.374.

After a steep 90% drop from its $2.15 all-time high over 14 months, ONDO is forming what Crypto Patel describes as a generational accumulation opportunity. 

ONDO is trading in a high-timeframe Fibonacci demand zone between $0.19 and $0.24, signaling potential accumulation patterns. Traders are monitoring critical support at $0.171, as a breakdown below this level could invalidate bullish projections.

The technical indicators also point to a Wyckoff accumulation pattern with bullish order blocks and market structure flips above $0.47 as the major buy triggers. 

According to Crypto Patel, the current structure also indicates a potential multi-leg rally, and ONDO is a rare opportunity for investors to gain high returns even with the long-term drawdown.

Also Read: ONDO Price Prediction: Can Rally Extend Toward $0.67 Resistance Target?

ONDO Eyes $5+ as Institutional Confidence Grows

The upside targets are certainly tantalizing: $1.00 (5x), $2.15 (ATH retest, 10x), and $5.00+ (an expansion of 2500%+ from a full cycle). 

The involvement of institutions also lends a sense of security to the token. World Liberty Financial (WLFI) allegedly bought ONDO for $1.374, injecting $470K into 342K tokens. The token is currently trading at $0.20, 85% lower than the entry price for retail

Source: Crypto Patel X Post

ONDO is gaining steam as a Real World Assets (RWA) narrative leader with Fibonacci support, bullish order blocks, and higher timeframe structure. 

A breakout above $0.47 could lead to a multi-leg move. The token is currently trading at roughly 90% down from its ATH, which is a generational buying opportunity.

Technical Outlook Reveals Weak Bullish Momentum

According to TradingView, as of Tuesday, February 10, the chart indicates a downtrend since the end of January with lower highs and lower lows. 

Bollinger Bands also indicate high volatility in the price on the 6th and 7th of February, as the price broke through the lower band. 

The price has since recovered but remains below the middle band at $0.25362. The price has support at $0.24068 and resistance at $0.26656.

Source: TradingView

Currently, RSI is at 43.01, which is below neutral at 50 but not yet oversold. In mid-February, RSI fell below 30, indicating an oversold market that is due for a bounce. 

The market is currently consolidating after a big fall. The price to watch for a continuation of a bearish move is at $0.2400, while a potential stabilizing price is at $0.2536, which is also near the middle Bollinger Band or minor resistance.

Also Read: ONDO Holding Crucial Support Level, Potential Surge Toward $0.53 Ahead