ONDO Finance is one of the leading applications for enabling real-world asset tokenisation (RWA). ONDO is the governance token for Flux Finance and the Ondo DAO. In today’s article, we’ll explore the daily Elliott Wave structure and explain the potential bullish outcome after the recent decline.
Since January 2024, ONDO started trading within an impulsive 5 waves advance reaching a high of $1.48 on June 2024. The rally marked the end of wave ((1)) after an impressive 1755% advance and then it was followed by a 66% decline in wave ((2)).
The correction to the downside unfolded within a double three structure (W)(X)(Y) and it reached the equal legs area at $0.5 – $0.35. The token found buyers at the mentioned extreme level and it started bouncing higher from there. It still needs a break above July peak $1.13 to confirm that a higher low was in place and extend into new higher higher within wave ((3)).
ONDO Daily Chart 8.7.2024
Setup Recap
-Time Frame : Daily
-Entry Area : $0.5 – $0.35
-Invalidation Condition : Daily Close below $0.1
-Targets / Ratio : Target 1 at $1.9 (3.5 RR) – Target 2 at $2.7 (5.6 RR)
Source: https://elliottwave-forecast.com/cryptos/ondo-finance-bullish-reversal/