Is It Too Late to Buy ONDO? Ondo Price Falls 21% in a Week, as Analyst Predicts a Rise to $6
The Ondo price is down 1% today, with the ONDO/USD trading at $0.7140 at press time. Despite the decline, its trading volume is up 5% to $160 million, indicating intense market activity among investors and traders. ONDO has, however, fallen by a hefty 21% in a week and 23% in the past month.
This is despite ONDO releasing USDY on Aptos, which allowed the Aptos ecosystem to quickly acquire its first tokenized US Treasury asset and exploit it across various dApps.
Ondo Spotlight: "Ondo launched $USDY on @Aptos—allowing the Aptos ecosystem to seamlessly acquire the first tokenized US Treasuries asset on Aptos and leverage it across various dApps." https://t.co/HbVOe1Indc
— Ondo Finance (@OndoFinance) August 6, 2024
Meanwhile, traders and investors in the market seem skeptical about a sustained price increase for ONDO. Wealth manager, a well-known analyst, has mentioned that “Ondo is currently one of the few altcoins that has performed well this cycle.” He has added that he expects higher prices as long as Ondo maintains the current support level.”
Ondo is currently one of the few altcoins that has performed well this cycle. It has retested the green box and held it as support. As long as we maintain this support level, I expect to see higher prices.
In my bullish scenario, Ondo could reach $6-$8.
The #RWA… pic.twitter.com/fte2IgwgJI
— Crypto | Stocks | Freedom (@Wealthmanagerrr) August 8, 2024
Moreover, data from Coingalss shows that traders are occupying long positions, which suggests a shift in momentum from bearish to bullish in the coming days.
Ondo Price Statistical Data
Based on CoinmarketCap data:
- ONDO price now – $0.7140
- ONDO market cap – $1 billion
- ONDO total supply – 10 billion
- ONDO circulating supply – 1.38 billion
- ONDO ranking – #61
Technical Analysis
At the beginning of the month, the ONDO price faced a market turndown like most other cryptocurrencies. After hitting a low of $0.5066, the token has bounced back 44% to its current price at $0.7140. However, there is a tug-of-war between the bulls and bears, forcing the token into consolidation in the four-hour chart.
A successful breakout will see the bulls flip the immediate resistance keys at $0.7692 and $0.9468 into support, propelling the price to new levels. Currently, the odds favor the sellers as the ONDO price trades below the market’s 50-day (green) and 200-day (blue). The bulls must first deal with the immediate resistance keys, which suppress them against upward growth.
On the other hand, the Relative Strength Index has hurtled from the 30-oversold region, currently at 49. A cross above the 50-mid level could intensify the buying pressure, validating the bullish outlook. Furthermore, its position below 70 indicates there remains significant room for the upside before ONDO is considered overbought.
The Moving Average Convergence Divergence (MACD) is also well positioned for the uptrend, as it has flipped bullishly. Traders are at liberty to hold their long positions in ONDO intact, bolstered by the bullish outlook from the MACD indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator also trends towards the positive territory above the mean line at 0.00.
Will the ONDO Bulls Break Out Toward the $1.12 Mark?
In the 4-hour chart analysis, the bulls can turn the Ondo price in their favor if they push it out of the consolidation phase. If the buyers increase their buying appetite and flip the 50-day into support, they could trigger a rally, eyeing the next resistance at $0.9468.
In a highly bullish scenario, the price could rally above the $o.9468 resistance key, hitting the $1.12 mark in the coming days. Conversely, if the sellers capitalize on the 50-day and 200-day, which suggest bearish prospects, the Ondo price could drop. In such a case, the bears could dwindle the price, retesting the $0.65 support level.
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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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