Chart Structure and the $0.3460 Breakout

$ONDO has cleared a key resistance level at $0.3460 on the 4-hour timeframe, a move that signals potential momentum building into the London-New York session overlap. The asset is currently trading near $0.3490, representing a 0.87% move above the breakout zone. This level had previously acted as a cap on upside movement; breaching it cleanly - without wick rejection - suggests institutional or smart-money accumulation rather than retail panic buying.

The structure of this breakout matters. Price did not gap through $0.3460; it built consolidation into the level and broke through on volume. This gradual approach reduces the likelihood of an immediate reversal and indicates conviction from buyers willing to defend the newfound support.

Fibonacci Extension and the $0.3576 Target

The next structural resistance sits at $0.3576, a level that aligns with a key Fibonacci extension from the recent swing low. A move from $0.3490 to $0.3576 would represent a 2.32% push - material but not extreme for a single 4H candle. This level is also coincident with a horizontal supply zone that has rejected price twice in prior trading cycles, making it a natural point where sellers will cluster.

If $ONDO maintains above $0.3490 over the next 4-6 hours, the path to $0.3576 becomes increasingly probable. Failure to hold $0.3490 as support would negate the breakout thesis and likely retest $0.3460 or lower. The gap between current price and the upper target gives traders a defined risk/reward structure: the 2.32% upside move versus the 0.23% downside if support fails.

RSI and Momentum Signals

On the 4-hour timeframe, RSI is likely approaching overbought territory given the recent rally, but this does not automatically invalidate further upside. Many strong breakouts in institutional markets extend into overbought RSI readings before consolidating. The key is whether RSI begins to diverge - declining while price makes new highs - which would signal weakening conviction. Currently, no such divergence is evident.