Ondo price could soar to $1 if ONDO retakes this support-resistance

• Ondo price has turned previous high into a support-resistance at $0.8276.
• That $ONDO traded below this crucial level without continuing down is a good sign.
• If markets show strength, the altcoin could retake this level, setting tone for a rally to $1.
• A lower low below $0.7500 would invalidate the bullish thesis.

Ondo ($ONDO) price continues to show weakness, aligning with broader market sentiment as altcoins take their cues from Bitcoin (BTC). The altcoin has managed to trade within a range, clinging to a crucial level as it repelled further to the downside.

Also Read: Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut

Ondo price must reclaim $0.8276 for more upside potential

Ondo price has consolidated right below the $0.8276 support since early in the month. If the broader market shows strength, $ONDO could flip this roadblock into support. This could lead to double-digit gains for $ONDO holders, potentially as high as the $1.0000 psychological level. This would constitute a 20% climb above current levels.

The significance of $0.8276 is that it marks a previous high that was later flipped into a support. That Ondo price has traded below this crucial level without continuing lower is a good sign. The altcoin could reclaim the level back as a support. Notably, this is contingent on the broader market showing strength.

Such a move would encourage more buy orders, with the ensuing buying pressure propelling the Ondo price further north.

$ONDO/USDT 1-hour chart

On the other hand, enhanced selling pressure could see Ondo price drop further. A move below $0.7500 would produce a lower low, invalidating the bullish thesis.