Ondo (ONDO) and Axelar (AXL) Near Key Resistance Levels: Are Breakouts On The Horizon?

Date: Fri, Jan 17, 2025, 06:04 PM GMT

The cryptocurrency market is heating up as Bitcoin (BTC) surges from its Monday low of $89,000 to over $104,000, posting a 5% gain today. Adding to the excitement, speculation is mounting around President-elect Donald Trump’s rumored plans to include altcoins like Solana and Xrp in a potential America-first strategic reserve. These developments have ignited a strong rally across the altcoins .

Among this, Ondo (ONDO) and Axelar (AXL) are drawing attention as they approach critical resistance levels, sparking optimism for potential breakouts that could drive their prices significantly higher.

Source: Coinmarketcap

Ondo (ONDO)

Currently trading at $1.27, ONDO is edging closer to a key point within a falling wedge pattern, a structure often associated with bullish reversals. The token recently found robust support around the $1.06 level, which coincides with the wedge’s lower boundary. This support zone is critical, as any move above the wedge’s upper resistance could pave the way for a powerful rally.

Ondo (ONDO) 1D Chart/Coinsprobe (Source: Tradingview)

If ONDO manages to break out, it could target resistance levels at $1.63 and $2.14. Such a move would represent a potential gain of up to 71% from its current price.

Technical indicators are also aligning in favor of this scenario, with the Moving Average Convergence Divergence (MACD) turning upward, signaling increasing buying pressure and momentum.

Axelar (AXL)

Axelar (AXL), on the other hand, is trading at $0.7340 and is steadily approaching the upper boundary of its falling wedge pattern, which aligns with a horizontal resistance zone. Over the past few weeks, the token has been consolidating within this range, but today’s bullish performance suggests a breakout could be imminent.

Axelar (AXL) 1D Chart/Coinsprobe (Source: Tradingview)

AXL recently rebounded from strong support at $0.54, climbing to its current levels. If it manages to breach its resistance, the next potential targets would be $1.03 and $1.14, representing gains of up to 55% from its current price.

Similar to ONDO, the MACD for AXL is showing signs of a bullish crossover, adding weight to the possibility of an upward move.

What’s Next for ONDO and AXL?

The broader crypto market recovery, driven by Bitcoin’s bounce and the buzz surrounding Trump’s rumored altcoin plans, has created a favorable environment for tokens like ONDO and AXL. Both are exhibiting clear technical patterns that suggest breakouts could be on the horizon. With resistance levels in sight and bullish momentum building, these altcoins might be poised for significant moves in the coming days.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before making investment decisions.