Is It Too Late To Buy Ondo? ONDO Price Soars 11% In a Week Aiming For New All-Time High

Last updated: June 5, 2024

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Is It Too Late To Buy Ondo? ONDO Price Soars 11% In a Week Aiming For New All-Time High

Over the past week, the price of Ondo has risen by 11% to trade at $1.46, despite the trading volume dropping 19% to $245 million in the last 24 hours.

Ondo (ONDO) has also experienced a remarkable 68% surge in the past month, pushing its market capitalization up to $2.05 billion. This surge comes after the token found solid support at its lowest point of $1.22. The upward movement mirrors a consistent climb observed over the past month.

Currently, ONDO’s highest recorded price sits at $1.48, marking a staggering 1628% increase from its lowest point back on January 18th. While experts anticipate ONDO to maintain its upward momentum, there’s a note of caution in the price forecast. This caution stems from a 19.20% decline in trading volume and some unfavorable key metrics, suggesting a potential sell-off may occur.

$ONDO: next leg up incoming imo

1 of my RWA bags pic.twitter.com/RSAzfZwU6x

— Altcoin Sherpa (@AltcoinSherpa) June 4, 2024

Ondo Finance aims to blend traditional finance with decentralized finance (DeFi) through the tokenization of securities. Its wide range of products and increasing collaborations within the blockchain community have helped boost its influence in the market.

Ondo Price Bullish Pennant Pattern Signals Bullish Momentum Breakout

The ONDO price indicates a gradual ascent from the $0.7426 support zone after a prolonged consolidation. The bulls seem to have found a strong support zone, which helped them catapult the prices to three highs and reach $1,48.

The struggle for price control between the bulls and bears at this point has led to the formation of the bullish pennant pattern. Traders look to this pattern as a signal for bullish trend continuation.

ONDO Price

ONDOUSDT Source: Tradingview

Despite challenges, the bullish momentum indicates resilience for the bulls to push the price above the bullish pennant, signaling an upward trend and the potential for a new all-time high in the days ahead.

Over the last week, beginning from a support level of approximately $1.12, we’ve observed a consistent climb, fueled by bullish activity, pushing the price closer to the $1.48 resistance level.

The Relative Strength Index (RSI) is currently hovering above the 50 midline level at 64 after a short decline from the overbought level of 70. However, there’s a great chance that the RSI could fly back into the overbought zone if the momentum keeps up. We might see the price climb into overbought territory beyond the 70 level.

Currently, the price is trading above the 50 and 200 Simple Moving Averages (SMAs), painting a bullish picture of ONDO’s price in the long term. Moreover, the moving average cross 50/200 SMA and the support given by the 50 SMA further confirms the bullish outlook for the ONDO price.

Don’t Miss: Ondo Finance Price Prediction 2024 – 2040

Ondo Price Prediction: Can The Bulls Reach A New ATH?

With Ondo’s price steadily rising, bullish momentum could push it even further up, possibly igniting a sustained rally beyond the pennant formation.

The bullish momentum for Ondo’s price stays robust as buyers gear up for an upward thrust. With momentum gaining traction, there’s potential for a 23% surge, driving the price to a fresh all-time high of $1.75 in the coming weeks.

Conversely, if the bears step in, the price might retract, prompting a bearish movement towards the pennant’s lower trendline at $1.24.

Since its introduction in January 2024, ONDO’s price has experienced a remarkable surge, delivering a 1675% return and pushing its market capitalization to $2.05 billion. This surge has propelled the ONDO token to the 60th position globally.

Author

Charles Kibue

Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.

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