ONDO Approaches Breakout as Technicals and Derivatives Indicate Accumulation Phase

ONDO is currently trading at $0.746, showing signs of stabilization after a recent pullback and potential bullish breakout conditions. The cryptocurrency is consolidating near a key resistance zone between $0.76 and $0.79, forming a wedge pattern that typically precedes upward price movements.

Derivatives metrics show quiet accumulation, with open interest maintaining at $548 million despite decreasing trading volumes. This divergence often precedes volatility and potential trend reversals. Technical indicators support this outlook: the RSI is trending upward while the MACD flattens NEAR zero, indicating weakening bearish momentum.

The market structure appears primed for a directional move. A decisive breakout above the $0.79 resistance level could target the psychological $1.00 mark. Traders are awaiting confirmation - a strong close above the wedge pattern accompanied by increased volume WOULD validate the bullish scenario.