The chart highlights a well-defined descending trendline acting as dynamic resistance, consistently capping upside attempts. At the same time, the price has now rebounded from the lower boundary of the structure near the $0.05–$0.06 zone, which appears to be forming a potential base. A notable spike in volume alongside this rebound signals renewed participation, while RSI shows early signs of divergence, indicating weakening bearish momentum. Besides, OBV has also displayed a bullish divergence, hinting towards a rise in the bullish momentum.
Regardless of the bullish indicators, the broader trend remains intact, and only a sustained breakout above the resistance between $0.16 and $0.19 can validate the divergence.
Collectively, ONG price is attempting a rebound from a critical base near $0.05–$0.06, but the broader trend remains bearish until key resistance is reclaimed. A breakout above $0.10 could open the path toward $0.16, followed by a move toward $0.19. However, failure to sustain momentum may lead to continued consolidation or a retest of the lower support zone.
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