$ONDO is approaching a critical stage that may temporarily close the downtrend cycle.
The currency has spent a long time under clear selling pressure, with a completed impulsive structure of five descending waves.
What draws attention now is that the price is trading above the Fibonacci extension 1:1 of wave AB, which is an area where the market often starts looking for a new balance.
This is not understood as a confirmed reversal, but rather a signal of the possibility of the market entering an upward correction of the ABC type.
The closest scenario is that wave C is still being formed, and we may see a final extension of the decline before any significant retracement movement.
In terms of momentum, we notice a gradual decline in selling volume, but on the other hand, there are still no strong supportive signals from the main indicators, as there is no clear bullish divergence on the weekly RSI and no explicit technical confirmations.
Therefore, the current reading tends to be cautious rather than optimistic.
The support areas that deserve close monitoring are between: 0.28 – 0.33
This area may play a pivotal role in determining whether the market is ready for an upward correction or if the selling pressure has not said its last word yet.
✅ Trading here at $ONDO
