The broader cryptocurrency market is extending its weekend strength, with Bitcoin (BTC) and Ethereum (ETH) both trading in green — up 2% and 3% respectively over the past 24 hours. The overall positive sentiment is creating room for potential upside in select altcoins, including the RWA-focused token Ondo (ONDO).
ONDO is trading in green with modest gains today, but what’s more notable is that the token has successfully retested its breakout zone — a move that often signals the beginning of a fresh bullish leg.
Falling Wedge Breakout Retest
On the 4-hour chart, ONDO had been moving inside a falling wedge pattern for several weeks — a classic bullish reversal formation that typically appears after a sustained downtrend and precedes strong upside moves once the breakout occurs.
After multiple attempts, the token finally broke above the wedge’s upper resistance trendline near $0.75, confirming a bullish breakout. This move lifted ONDO as high as $0.7794, where short-term profit-taking temporarily paused the rally.
As expected following such breakouts, ONDO pulled back to retest its former resistance, dipping to around $0.7405, a level aligning closely with its 100-hour moving average (MA). Buyers stepped in quickly at this area, helping ONDO rebound and regain momentum. The token now trades around $0.7645, suggesting that bulls successfully defended the breakout retest zone and may be preparing for the next upward push.
What’s Next for ONDO?
The technical structure remains bullish, and the next major move will likely depend on whether ONDO can clear resistance at $0.7794. A confirmed close above this local hurdle could pave the way for a stronger continuation rally, with a measured move target around $0.9281 — representing a potential 21% upside from current levels.
On the flip side, if ONDO fails to maintain support above the 100-hour MA, momentum could cool off, leading to short-term consolidation before another breakout attempt.
For now, however, ONDO’s combination of a bullish wedge breakout, successful retest, and recovering momentum keeps the market leaning toward further upside potential.