ONDO Trade Setup

Aug 14

ONDO's chart looks quite interesting and is definitely worth watching at the moment. Based on the current support and resistance levels and trend lines, we could consider two possible trades.

Trade Setup #1
ONDO's support at $0.7 is crucial and solid. If the market continues to be weak and ONDO revisits the support line, we can wait for a bounce and trade it. However, this should be a quick-in-quick-out trade.

• Entry: Slightly above $0.7
  
• Target: $0.75
  
• Stop Loss: $0.69
  
• Risk/Reward (R/R) Ratio: ~2.5
  

Trade Setup #2:
The much more interesting trade is a break above the resistance and a break out of the downtrend simultaneously. In this case, we can enter a swing trade and, depending on the overall market, aim for much higher targets. Here's a potential setup:

• Entry: $0.87
  
• Target: $1.10
  
• Stop Loss: $0.84
  
• Risk/Reward (R/R) Ratio: ~8.5