Ondo Price Analysis: ONDO Token Poised for a Bullish Reversal as the Bulls Target $1.28 Mark

Last updated: July 26, 2024

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Ondo Price Analysis: ONDO Token Poised for a Bullish Reversal as the Bulls Target $1.28 Mark

The Ondo price is showing its power as the crypto market flips bullishly. The token is up 4.5% today, with the ONDO/USD trading at $0.9825 at press time. Despite the positive outlook, its 24-hour trading volume has plunged 7% to $100 million, suggesting a lack of confidence among the ONDO bulls.

The noticeable price action comes as the crypto market flashes green. The top crypto assets, including Bitcoin (BTC) and Ethereum (ETH), have soared by 4% and 2% in the last 24 hours, respectively. Data from Coinglass shows that the sellers are tired, and the bulls are set to dominate the market. As a result, the long positions in ONDO are comparably higher than the short positions. This comparison suggests dwindling seller momentum as the market sentiment tilts the odds toward the buyers.

Moreover, Ondo is gaining increased market relevance for its innovative liquidity provisioning and yield generation solutions. The project’s approach to structured products enables its users to tailor their risk and return profiles, accommodating conservative investment strategies.

Ondo Statistical Data

Based on Coinmarketcap data:

ONDO price now – $0.9795
ONDO market cap – $1.36 billion
ONDO total supply – 10 billion
ONDO circulating supply – 1.38 billion
ONDO ranking – #61

ONDO Technical Indicators Favour an Upward Movement

Ondo’s price is attempting a recovery after falling steadily on a rounding top pattern to a support level of $0.9192 on July 25. However, the token has printed two green candles, suggesting that the bulls have put their best feet forward. This could quash the selling pressure and support an impressive rally to $1.2882. Often, the rounding top pattern suggests a reversal in the market.

With the broader crypto market flashing green, Ondo’s price currently hovers at $0.9825 as the bulls act fast to protect progress and keep the uptrend intact before a potential return to the ATH. Based on the technical outlook depicted by the Relative Strength Index(RSI), which measures the strength of an asset’s trend, the Ondo price is poised for a surge. From the outlook, the momentum indicator has hurtled from the 30-oversold region, currently at 48. Moreover, the bulls are showing resilience, which could cause the RSI to jump to the overbought threshold soon.

Although the odds are favoring bulls now, they have an uphill task ahead, considering the immediate resistance posed by the 50-day SMA (green) and 200 SMA (blue). Slightly above these key levels, which bulls must defeat to boost ONDO to the next neckline at $1.28, will invalidate the bearish sentiment.

On the bright side, the Moving Average Convergence Divergence (MACD) has encouraged traders to buy ONDO and investors to keep their positions open for potential gains. The momentum indicator has flashed a buy signal with the blue MACD line crossing above the signal line(orange band). This suggests that the bulls have entered the market and may cause Ondo’s price to surge upward.

Ondo Price Future Outlook

In the 4-hour chart analysis, the Ondo bulls are poised for a recovery, as the MACD and the RSI encourage traders to buy. This will trigger a reversal in the market, causing the token to rally above the technical barrier at $1.03 and $1.06. If the bulls capitalize on the RSI and MACD, the Ondo price could rally to $1.2882 in the coming days. On the flip side, if the sellers step in and the crypto market turns negative, the token may plummet, retesting the $0.9192 support level.

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Author

Emmaculate Araka

Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.

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