The altcoin ONDO has shown impressive overnight fluctuations, hinting at a potential 20% price increase. Currently, ONDO operates within an ascending channel, indicating a bullish trend. The price chart suggests a positive outlook for investors, with a possible upside target of $1.52.

Recent Price Movement

ONDO's price trend has maintained its ascending channel, with a significant 6% overnight recovery preventing a drop to the 50-day Exponential Moving Average (EMA). This recovery suggests a potential reversal for ONDO. If the uptrend continues, the altcoin could target $1.52, representing a substantial move from current levels.

Bullish Cycle and Resistance

The latest bullish cycle for ONDO began at the support trend line of $0.72, leading to a remarkable 100% rise within 20 days, peaking at $1.44. This rise established a new resistance trend line. Following this peak, ONDO entered a decline phase but managed a 6% recovery, forming a Harami candlestick pattern on the daily chart. This pattern could indicate an early bull cycle if buyers surpass the opening price of the bearish candle at $1.30.

Technical Indicators and Outlook

While technical indicators present a mixed picture, the MACD indicator shows a bearish trend. However, the overall bullish structure of the ascending channel remains intact, presenting a positive outlook. A breakout rally could bring the $1.52 level into play, according to trend-based Fibonacci levels.

Conclusion

ONDO's price movement suggests a potential 20% upside, with a bullish outlook ahead. If buyers manage to push the price beyond the $1.30 threshold, the altcoin could target $1.52. While market sentiment remains volatile, the ascending channel indicates a positive trend, making ONDO an attractive option for investors.