bitcoin
Bitcoin (BITCOIN)
$85,107 0.11%
ethereum
Ethereum (ETHEREUM)
$1,610 0.61%
binancecoin
BNB (BINANCECOIN)
$594.46 0.36%
solana
Solana (SOLANA)
$140.83 1.93%
ripple
XRP (RIPPLE)
$2.08 -0.04%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 1.44%
pepe
Pepe (PEPE)
$0.000007 2.84%
bonk
Bonk (BONK)
$0.000013 3.44%
bitcoin
Bitcoin (BITCOIN)
$85,107 0.11%
ethereum
Ethereum (ETHEREUM)
$1,610 0.61%
binancecoin
BNB (BINANCECOIN)
$594.46 0.36%
solana
Solana (SOLANA)
$140.83 1.93%
ripple
XRP (RIPPLE)
$2.08 -0.04%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 1.44%
pepe
Pepe (PEPE)
$0.000007 2.84%
bonk
Bonk (BONK)
$0.000013 3.44%
bitcoin
Bitcoin (BITCOIN)
$85,107 0.11%
ethereum
Ethereum (ETHEREUM)
$1,610 0.61%
binancecoin
BNB (BINANCECOIN)
$594.46 0.36%
solana
Solana (SOLANA)
$140.83 1.93%
ripple
XRP (RIPPLE)
$2.08 -0.04%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 1.44%
pepe
Pepe (PEPE)
$0.000007 2.84%
bonk
Bonk (BONK)
$0.000013 3.44%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Ondo Price Prediction: ONDO Faces Correction to $0.72 as Key Support Broken

Highlights:

  • ONDO is bearish after losing the $0.8980 support in the day
  • Loss of critical support could see ONDO test $0.72 in the short-term
  • Correction triggered by a correction across the financial markets

Ondo (ONDO) is experiencing a significant downturn today, falling by 6.55% over the last 24 hours to trade at $0.8717. This decline aligns with a broader correction across financial markets, with the entire cryptocurrency market seeing a 0.78% reduction in market cap to $2.29 trillion. Traditional markets also reflect this bearish trend, with the S&P 500 dropping by more than a percentage point over the same period.

Advertisement

Banner

Economic Concerns Impacting Markets

The driving force behind this market-wide correction is concerns over a potential slowdown in the US economy. Investors are worried that the Federal Reserve may not cut interest rates quickly enough to stave off an economic downturn. Paradoxically, these fears might benefit the markets in the short term. A slower US economy increases the likelihood of a significant rate cut in September, which could drive investors back into riskier assets such as cryptocurrencies.

ONDO’s Potential for Recovery

For ONDO, a high-potential altcoin, this could mean a rebound if the macroeconomic factors turn positive. Ondo’s internal fundamentals also support this potential recovery. One of the significant strengths of ONDO is the growing adoption of its permissionless yieldcoin, USDY.

USDY’s Integration with Aptos

According to a recent tweet from ONDO on July 29, USDY is now live on Aptos, a layer-1 blockchain. The announcement stated, “From today, Aptos ecosystem participants can seamlessly acquire $USDY, the first tokenized US Treasuries asset on Aptos, and leverage it across various DeFi applications.” This integration with Aptos highlights ONDO’s commitment to scalable, secure, and user-friendly solutions.

Support from Major Protocols

USDY has significant backing within the Aptos ecosystem, supported by major protocols such as Aries Markets, Thala Labs, and Pontem Network’s LiquidSwap. Popular Aptos wallets like Petra Wallet and Pontem Wallet now support USDY. This widespread support highlights the utility and appeal of USDY within the DeFi space.

Benefits of USDY

With over $300 million in Total Value Locked (TVL) across multiple blockchains, USDY offers a 5.3% Annual Percentage Yield (APY). This makes it an attractive option for global (non-US) individual and institutional investors, combining the benefits of stablecoins with traditional finance’s institutional-grade investor protections. USDY’s use cases include enhancing liquidity pools, serving as collateral for money markets, and being used in Collateralized Debt Positions and derivatives. For Aptos users, USDY provides a stable digital asset backed by US Treasuries, offering a reliable hedge against volatility.

Statements from ONDO and Aptos Leaders

Nathan Allman, Founder and CEO of Ondo Finance, mentioned that the launch of USDY on Aptos aligns with the company’s strategic goal of introducing a unique yieldcoin to a high-performance blockchain designed for financial applications. He expressed enthusiasm about opening new opportunities for users and developers to enhance DeFi possibilities on Aptos through their reliable, yield-generating asset. He also noted that this launch marks the beginning, with expectations of increasing USDY adoption within the Aptos ecosystem.

Jerome Ong, APAC Ecosystems Lead at Aptos Foundation, echoed these sentiments, highlighting the innovative nature of USDY and its importance to the Aptos ecosystem.

Ong said:

“This launch showcases Ondo’s peerless innovation, and the introduction of USDY as an institutional-grade asset solidifies Aptos as the premier platform for high-performance DeFi. Millions of dollars in trustworthy, secure, and treasuries-backed liquidity is now immediately available to builders and users across the world’s top Move-powered ecosystem.”

New Exchange Listings

In addition to its integration with Aptos, ONDO is gaining visibility through listings on more exchanges, with OKX and CoinW being the latest to add the token. These could help boost liquidity once the markets rebound and help push ONDO to new highs in the short term.

ONDO Technical Analysis – Bears in Control in the Short-Term

Despite these positive developments, ONDO’s price action remains bearish in the short term. Today, ONDO has breached its $0.898 support level, and continued selling pressure could see it drop to $0.729.

ONDO
Source: TradingView

However, a bullish reversal could occur if market sentiment improves and ONDO reclaims the $0.729 level, now acting as resistance. Should this happen, the next target would be the $1.004 resistance, with the potential to rally to $1.113.

Outlook for ONDO

While a further correction seems likely in the near term, given the current bearish market conditions, ONDO’s robust fundamentals position it well for a potential recovery. Anticipating a significant rate cut in the US could trigger a marketwide reversal that could see ONDO rallying to $1 soon.

Read More

BC.Game

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner