ONDO Price Prediction: Analyst Targets $2.80 as Token Forms Bullish Pattern

Analyst predicts ONDO could surge to $2.80 as the token forms a bullish chart pattern, signaling strong upside potential for investors.

Prominent crypto analyst Ali has identified a bullish setup for ONDO, forecasting a potential rise to $2.80. The prediction, shared on X, is supported by technical chart data showing an ascending channel. Despite the bullish prediction, ONDO currently trades at $0.998, a 6.6% decline in the past week.

Bullish Channel Remains Intact

The chart from TradingView outlines an ascending parallel channel that has guided ONDO’s movement since mid-2024. The pattern includes a lower support trendline near $0.70, a midline around $1.40, and an upper resistance near $2.80.

Short-Term Decline, Long-Term Potential

Although ONDO’s drop in recent days may raise concerns for short-term traders, the broader technical setup still signals growth potential. Price movement within ascending channels often reflects bullish conditions as long as the lower support holds.

The recent dip could represent a minor retracement rather than a trend reversal. The price had previously climbed from support near $0.70 to a local high above $1.20. If ONDO maintains structure within the channel and regains momentum above $1.00, the upward path remains open.

Adding to the bullish sentiment, Crypto Catalysts highlighted ONDO’s recent technical setup, noting that while the token was trading at $1.03 earlier, it has since dipped below $1. Despite the pullback, the analyst pointed to a breakout above previous resistance on the chart, supported by rising trading volume.

The shared chart includes an upward arrow, indicating expectations of a continued rally with a potential move toward $2. The crypto traders urged traders not to overlook ONDO, suggesting the technical structure remains valid.

Ondo Bullish Catalysts Go Beyond Charts

Earlier this week, ONDO/USDT began trading on the Binance U.S., marking a key step in the project’s push to bring real-world assets on-chain. Historical records reveal tokens always surge in price once listed on the exchange.

For example, since listing, FARTCOIN surged 50% with no major pullbacks, maintaining a steady climb. SPX rose 50% despite an initial 25% drop, followed by a recovery. POPCAT gained 42% after a 23% dip post-listing. This suggests ONDO could have a similar rally post-listing.

Another bullish catalyst came from 21Shares filing a preliminary prospectus with the U.S. Securities and Exchange Commission for an ETF that would track the spot price of ONDO, the native token of Ondo Finance. The proposed “21Shares Ondo Trust” aims to offer passive exposure to ONDO by holding the token directly, with pricing based on the CME CF Ondo Finance-Dollar Reference Rate.

While chart patterns signal a possible move above $2.00, several external factors could still influence ONDO’s path. Broader market trends, including Bitcoin’s performance and macroeconomic news, often affect the behavior of altcoins. Notably, the recent decline in ONDO’s price coincides with Bitcoin’s performance. Bitcoin is trading at $115,564, a 2.0% decline in the past day, increasing its loss in the past week to 3.9%.