The cryptocurrency market continues to display slight volatility. Bitcoin (BTC) remains around $111,000 while Ethereum (ETH) trades around $4,300 after a recent peak.
Current Situation in the Cryptocurrency Market
The cryptocurrency market is experiencing slight volatility. Bitcoin (BTC) is consolidating around the $111,000 mark, while Ethereum (ETH) has bounced back to about $4,300 after falling from recent highs of $4,953. While the overall market is fluctuating, some altcoins, such as Ondo (ONDO), are starting to show signs of strength.
Harmonic Pattern of Ondo (ONDO)
On the daily chart, Ondo is forming a "Bearish Butterfly" harmonic pattern. Despite its name, this setup often leads to a bullish continuation during the CD phase, especially when the price reaches the Potential Reversal Zone. The structure began at point X ($1.1693), dropped to A, rallied to B, and then retraced lower to C near $0.8594. Currently, ONDO has started to recover and is trading around $0.9642, although still in the early phase of confirming its bullish continuation.
Prospects for Ondo (ONDO)
If bulls manage to defend the 100-day MA ($0.8958) or the C-point support at $0.8594 and push the token higher, ONDO could continue toward the Potential Reversal Zone between $1.2577 and $1.3702. These levels align with the Butterfly completion zone, making them crucial to watch in the short term. Conversely, a failure to hold $0.8594 would weaken the bullish setup.
The analysis of the current situation and the harmonic pattern of Ondo indicates that the token may have growth potential, but it is essential to monitor key support levels.
