Date: Tue, February 11, 2025 | 02:40 PM GMT
The cryptocurrency market is showing signs of a comeback, with major altcoins recovering from recent lows. Over the past 48 hours, several tokens have rebounded, fueled by a slight decline in Bitcoin (BTC) dominance, which dropped by 0.50% today.
Among them, Bittensor (TAO) and Ondo (ONDO) are making notable comebacks. TAO is up by 7%, while ONDO has gained 4%, following the latest rumors regarding a potential partnership with Donald Trump’s World Liberty Finance. This positive movement comes after both tokens experienced 60-day declines of over 27%.
Source: Coinmarketcap
Bittensor (TAO)
TAO’s daily chart highlights a falling wedge pattern that formed after a sharp rejection from the December 6 high of $744. The latest correction saw TAO plummet to a low of $237, where it tested the lower trendline of the wedge.
Bittensor (TAO) Daily Chart/Coinsprobe (Source: Tradingview)
However, TAO has rebounded to $420 and is now facing resistance at the 50-day moving average (MA), along with the upper resistance of the wedge.
If the price breaks out and successfully retests this wedge, the next key resistance lies at $498. A decisive move beyond this level would confirm a trend reversal, potentially paving the way for further gains.
The MACD is turning positive, indicating a potential bullish shift.
Ondo (ONDO)
ONDO is also following a falling wedge pattern, with its price recently bouncing off the lower trendline support around $0.90. Currently, ONDO is trading at $1.41, nearing the wedge’s upper resistance and testing the 50 SMA as a support.
Ondo (ONDO) Daily Chart/Coinsprobe (Source: Tradingview)
If the price breaks out and successfully retests this wedge, the next key resistance lies at $1.64. A decisive move beyond this level would confirm a trend reversal, potentially paving the way for further gains to the $2.14 level.
Final Thoughts
Both TAO and ONDO are demonstrating resilience at their respective support levels, hinting at the possibility of a trend reversal. However, their next moves will largely depend on the broader market, particularly Ethereum (ETH) and Bitcoin dominance.
If ETH continues its recovery and BTC dominance starts to decline, it could provide additional momentum for altcoins, helping TAO and ONDO break out of their wedge patterns and confirm a bullish shift.
For now, traders should closely monitor breakout confirmations, as these could signal the next major move for both tokens.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
