While other cryptocurrencies have profited investors and traders in the past 24 hours, ONDO has other plans. It has plunged 2% to trade at $0.9595, with the broader crypto market pointing south, following the wake of Bitcoin’s weakness. However, investors should not lose hope, as the token rests at a crucial level that could trigger a bull rally.
Moreover, ONDO’s 24-hour trading volume has shown resilience, skyrocketing 59% to $229 million, signaling a surge in market activity among investors and traders.
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Ondo holds the largest market share in the Real-World Asset(RWA), with a market value of about $1.4 billion. Moreover, it is one of the few projects that got BlackRock’s attention, as the platform deposited $1.5 million into Ondo Finance.
BlackRock has just made its largest deposit ever, putting $1.5 million into @OndoFinance 👀
It’s hard not to be bullish on $ONDO pic.twitter.com/XQZP5n4K59
— NiFτy (@niftyinvest) July 6, 2024
Meanwhile, Mr Cryptosis, a popular crypto analyst and investor, has posted a tweet highlighting an interesting development. As per the tweet, he expects a quick reversal before the token runs to new ATHs.
$ONDO rarely dips but when it does this beast rarely dips for too long.
I expect a quick reversal before we run fast to new ATH’s.
My target for this project will be around $3 to $5 by September.. 🤝 pic.twitter.com/HHjv8sFCS8
— #MrCryptosis (@MrCryptosis) July 7, 2024
Ondo functions as a governance token for Ondo Finance, a New York-based firm focused on tokenizing traditional financial assets such as bonds and US Treasury bonds.
ONDO Statistical Data
Based on Coinmarketcap data:
- ONDO price now – $0.9595
- ONDO market cap – $1.33 billion
- ONDO total supply – 10 billion
- ONDO circulating supply – 1.38 billion
- ONDO ranking – #57
The ONDO price trades with a bearish bias within a falling channel. The token’s price consolidated inside the pattern after reaching an all-time high of $1.4750 in June. A successful breakout might first allow the token to touch $1.273 before its eyes retest its ATH.
On 7 July, the ONDO faced rejection at around $1.0574, forcing the sellers to take control of the market. However, the bulls found support at $0.8507, preventing the price from further losses as they aim to break the $1.0574 resistance level.
Based on the technical outlook, the Ondo price trades below the 50-day and 200-day SMAs ( Simple Moving Averages). In this case, $1.0738 and $1.1860 act as immediate resistance keys, reinforcing the bearish outlook.
In the same way, the Relative Strength Index(RSI) remains suppressed below the 50-mean level. Currently, at 44, it has rebounded from the 30-oversold zone, hurtling towards the 50-mean level. Increased buying pressure could see the RSI within the 70-overbought zone, invalidating the bearish thesis.
On the other hand, despite the Moving Average Convergence Divergence (MACD) momentum indicator sitting in negative territory, it teases with a pending buy signal. This is reinforced by the MACD line crossing above the signal line, signaling a potential bullish trend.
ONDO Price Prediction: Can Buyers Kickstart A Bull Rally?
In the 4-hour chart analysis, a successful test could kickstart a bull rally, enabling the token to retest its June high of $1.4750. As the bulls aim to break above the channel, the Ondo price might be a perfect example of how parabolic runs go in an altcoin season.
If the bulls prompt a buyback, the token may rebound over the channel as the bulls target its recent ATH after breaching the immediate resistance levels at $1.0738 and $1.1860. On the flip side, if the bears continue to sell at this level, the ONDO price might fall to retest the $0.085 mark.
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