Is ONDO’s rally a relief move? Analyzing the critical $0.41 Fibonacci supply zone
Ondo [ONDO] has been on a bullish tear recently. The DTCC news spurred the altcoin to break highs not seen in almost three months. Recently, Ondo Finance, working with JPMorgans Kinexys, Mastercard, and Ripple, was reported to have completed a near-real-time cross-border redemption of OUSG. This test transaction was settled within five seconds and occurred outside traditional banking windows. Ondo Finance and the others were laying the groundwork for a 24/7 market, and this news also boosted the sentiment around the altcoin. The Bitcoin [BTC] pullback from $82.8k has seen many altcoins take a step backward in recent days, but ONDO continued to trend higher. Can the bulls flip $0.413 to support and set new highs, or will this rally falter soon? Exploring the bearish long-term ONDO view In a recent report, AMBCrypto noted that the swing structure of ONDO was bearish on the 1-day timeframe. The $0.413 level was the 78.6% Fibonacci retracement level and could still yield a bearish price reaction. Source: ONDO/USDT on TradingView As things stand, this view remains possible. The CMF and A/D indicators signaled strong buying pressure since the breakout past the local resistance at $0.28. The upward momentum has not stalled yet. Source: ONDO/USDT on TradingView The momentum indicators did not signal a