• 26 May, 2024
Market News

ONDO’s Bullish Pennant, INJ’s Falling Wedge, and TNSR’s Stabilization: What’s Next?

The cryptocurrency market is abuzz with excitement as traders and investors closely monitor the latest developments in various digital assets. Among the coins drawing attention are ONDO, INJ, and TNSR, each displaying distinct patterns and potential breakout opportunities. 

ONDO, priced at $0.8706, has recently witnessed a confirmed bullish pennant breakout on the daily timeframe, igniting expectations of a significant uptrend. As per Captain Faibik, an analyst, the chart unveils a symmetrical triangle pattern, a classic continuation signal in technical analysis, suggesting a possible doubling of bullish momentum in the days to come. 

Source: Captain Faibik

The lower triangle boundary serves as immediate support at around $0.79, while historical support sits near $0.67. Key resistance levels include the upper triangle boundary at $0.86, with a projected target of $1.70 based on the triangle pattern’s height.

Moving on to INJ, Captain Faibik further notes that the 4-hour timeframe reveals a falling wedge formation amidst a downward trend. Despite recent struggles, the price of INJ has surged by 11.84% to $23.92, with a 24-hour trading volume of $108,744,956. 

Source: Captain Faibik

The falling wedge pattern suggests a potential reversal, with key support levels at the lower boundary of the wedge around $19.50 and historical support near $18.00. Resistance is noted at the upper boundary of the wedge, approximately $24.00, with a projected target of $37.00 if a breakout occurs. This pattern indicates a possible upside breakout, offering hope for a substantial recovery.

Meanwhile, TNSR presents an intriguing opportunity, although caution is advised. With a current price of $0.8869 and a 24-hour trading volume of $100k, TNSR has surged by 15.35% in the last 24 hours.  As noted by Altcoin Sherpa, a top analyst, the 12-hour timeframe depicts a significant decline followed by a stabilization period, suggesting a potential bottom. 

Source: Altcoin Sherpa

Key support lies at approximately $0.7711, with resistance levels at $0.9000 and $1.1000. While TNSR looks promising, waiting for a confirmed breakout before buying might be prudent, considering the recent uptick in buying volume and resistance faced at $0.9000.

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