Is It Time to Buy ONDO? Ondo Price Surges 2.4%, Establishing a Strong Mark in the RWA Market

The Ondo price has skyrocketed 2.4% in the last 24 hours to trade at $0.6236 as of 5:13 a.m. EST, fueled by a 65% surge in trading volume to $62 million. The market cap is now at $902 million.

Ondo (ONDO) is a coin to watch, currently trading between $0.54 and $0.69. Despite recent declines of 11.69% this week and 12.35% over the past month, these drops might present a potential buying opportunity. Bulls focus on the resistance level at $0.79; breaking through this could trigger gains up to $0.95, a potential 36% increase.

Ondo Finance has made a strong mark in the fast-growing Real-World Asset (RWA) market, especially with tokenized securities. Since launching, the company has captured a notable market share by offering structured products like debt securities and bonds on the blockchain.

📣 @MercadoBitcoin has listed $ONDO! 📣 pic.twitter.com/22nlnoB5ru

— Ondo Foundation (@OndoFoundation) September 5, 2024

Ondo’s focus on expanding globally, particularly in the Asia-Pacific region, shows its ambition to secure a major slice of the asset tokenization market, which is expected to hit $16 trillion by the end of the decade.

The market sentiment is neutral, leaving room for movement in either direction. ONDO is at a pivotal point, with the potential for a shift in market sentiment. As ONDO nears these key levels, it remains an asset worth monitoring.

ONDO Statistics

• Ondo price: $0.6236
• Market cap: $902 million
• Trading volume: $62 million
• Circulating supply: 1.4 billion
• Total supply: 10 billion

Ondo Price Bulls Prepare for a Further Bullish Rally

The Ondo price has recently experienced an upward trend, indicating bulls are in charge of the market. The bulls have regained momentum after reaching the $0.5338 support level. The upward trend has led to the formation of a rounded bottom pattern, establishing a high probability of a further bullish trend. 

The Ondo price trades above the 50-day simple moving average (SMA), making it a crucial support level. The Ondo price is seen heading towards the 200-day SMA to surpass it. As long as the bulls continue to be in charge, the Ondo price will manage to surpass the 200-day SMA. This will make both SMAs crucial support levels of the Ondo price, increasing the chances of a further bullish trend.

Ondo Rides on Wings of Bullish Technicals

The relative strength index (RSI) also supports the probability of a further bullish trend. The RSI is currently flowing at 62.45, heading towards the 70-overbought level. This indicates a positive sign for the bulls to continue pushing the price high until the RSI crosses above this level.

The moving average convergence divergence (MACD) also seems to support the likelihood of a bullish momentum. The green histogram bars are seen sustaining their state as they still increase in number. On the other hand, the blue line of MACD is also seen resisting being surpassed by the orange signal line. This has also contributed to the likelihood of a further bullish trend occurring.

If the bulls continue to be in charge, Ondo’s price will surpass the 200-day SMA, increasing the likelihood of a bully rally. Ondo’s price will be seen aiming at a target price of $0.7305. However, if the bears regain momentum, they will retrace the price to $0.5373, which will favor the sellers.