This is the kind of move that gets attention before the crowd arrives.
ON is around 0.1164 in the screenshot and is showing a 3.83 percent gain over 24 hours.
The important question now is whether this is simply a short term bounce or the beginning of a larger momentum rotation.
The market backdrop is becoming increasingly active. Recent reporting has pointed to strong altcoin trading activity, with altcoin spot volume running at roughly four times Bitcoin spot volume in the reported period. Bitcoin dominance is still around 58.67 percent, so the rotation is happening while Bitcoin continues to command substantial market share. 5
For ON, I am watching 0.1130 to 0.1160 as the first support zone.
If price holds above that area after the initial move, buyers may have an opportunity to build another leg higher.
The first important breakout area is around 0.1200.
A sustained move above that level would put 0.1250 and 0.1300 into focus.
EP: 0.1150 to 0.1180
TP: 0.1230, 0.1280, 0.1350
SL: 0.1090
The strongest signal would be a breakout followed by a successful retest.
That is where momentum becomes structure.
A move straight upward without a retest can still work, but chasing it creates a much worse risk profile.
If volume continues expanding while ON remains above the support zone, this is one of the charts I would continue watching closely.
The market is starting to wake up.
The question is whether ON can turn today's strength into tomorrow's continuation.
I am ready for the move, but confirmation comes first.
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