$ON /USDT Approaching Key Breakout Zone – Momentum Building
ON is currently trading around 0.0806 on the 15m timeframe, up more than 21 percent. Price has recovered strongly from the 0.0747 low and is now pressing against the 0.0810 – 0.0813 resistance zone. The structure shows a clear shift from short-term weakness to bullish momentum.
Technical Analysis:
Immediate resistance stands at 0.0810 – 0.0813, which aligns with the recent intraday high. A clean breakout and close above this zone could open the path toward 0.0835 and potentially 0.0850 as the next psychological barrier.
On the downside, first support is located around 0.0790, followed by stronger demand near 0.0771. Major structural support remains at 0.0747, the recent swing low.
Price action shows consecutive higher highs and higher lows, confirming bullish structure. While RSI and MACD are not fully visible, the strong expansion candles suggest increasing buying pressure. Short-term moving averages are likely trending upward, supporting continuation bias.
Market Sentiment:
Short-term sentiment is Bullish. Buyers are stepping in on minor pullbacks, and the trend is clearly shifting in favor of bulls. However, resistance overhead must be cleared for sustained upside.
Strategy:
Trade with confirmation. Conservative traders may wait for a breakout above 0.0813 before targeting 0.0835 – 0.0850. Alternatively, a pullback toward 0.0790 could offer a structured entry with defined risk below 0.0771. A breakdown under 0.0771 would weaken the bullish setup.
Is ON preparing for a breakout rally, or will resistance reject price again? Share your view.
Not Financial Advice (NFA).
$ON
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