Traders Anticipate Significant Price Upswing as ONDO Stabilizes: Another ATH Coming?
- ONDO stabilizes between $0.66 and $0.84, indicating a potential price breakout soon.
- On-chain metrics show increased whale activity and a new all-time high in TVL.
- Market sentiment is crucial as traders watch key support and resistance levels closely.
As of writing, Ondo (ONDO) is trading between $0.66 and $0.84, showing signs of stabilization. According to experts, this consolidation hints at a potential breakout. With support at $0.58 and resistance at $0.88, traders watch closely.
Recently, the price of ONDO dipped nearly 4.9%, contrasting sharply with a notable 19.1% increase over the last month. Meanwhile, ONDO Finance has surpassed just $2.2 Billion in the Tokenized Treasuries Market, as the post below highlights.
Technical Indicators Suggest a Neutral Trend
The 10-day moving average stands around $0.75, while the 100-day average sits slightly lower at $0.71. These figures suggest a neutral trend, leaving investors in suspense. The Relative Strength Index (RSI) at 46 and the Stochastic level at 30.83 reveal that ONDO is neither overbought or oversold.
This balance hints that a significant move could happen soon. If the price breaks through the $0.88 resistance level, traders might target $1.04. On the flip side, a dip below $0.58 could lead to a drop to the next support at $0.43. Market sentiment remains crucial during this delicate balancing act.
On-Chain Metrics Paint a Bullish Picture
On-chain metrics for ONDO paint a promising picture. The Total Value Locked (TVL) surged from $537.13 million at the end of August to an impressive $618.32 million by September 22.
Read CRYPTONEWSLAND on google newsThis growth set a new all-time high and signaled increased activity within the Ondo ecosystem. Additionally, whale activity in the Ondo ecosystem has significantly increased.
Santiment’s Supply Distribution metric reveals that whales have been accumulating ONDO lately. According to experts, increasing whale activity often signals strong confidence in an underlying asset.
Despite these encouraging signs however, daily active addresses for Ondo remain low. This decline signals dwindling demand, which may temper expectations for a quick price surge.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Thailand arrests police officer for allegedly conducting false interrogation to extort 165,000 USDT
Grass: Stage 2 has arrived
Election uncertainty may put market certainty on the back burner
In Friday’s Roundup, Jason Yanowitz said he doesn’t think we’ll see the markets “rip” until potentially January or even February