Ondo Price Pumps 14% as Bulls Target $1 – Is a Bullish Wave Forming?

Highlights:

• Ondo Price breaks out of a consolidation phase, surging 14% today to trade at $0.8721.
• Its daily trading volume has notably spiked, signaling increasing investor confidence in the market.
• Recent data shows that Binance has been actively accumulating Ondo, the native token of Ondo Finance. Is Binance testing out Ondo’s functionality before listing it?

During the European trading sessions, the Ondo price has flipped bullishly, soaring 14% to trade at 0.8721 on November 11. The bulls have cleared the seller congestion in the market, painting the market as bullish. Its daily trading volume has notably skyrocketed by 259% to $560 million, suggesting increased market activity. ONDO now boasts a 46% increase in the past week, 24% in a month, and 450% in a year. 

Meanwhile, recent data shows that Binance has been actively accumulating Ondo, the native token of Ondo Finance. Coordinated buying from top Ondo holders, including prominent crypto whales, led to a 15% price spike on November 6. An X user, who goes by the name ‘’not telling you’’ speculates that Binance may be testing Ondo’s functionality before listing.

Just 2 days ago we saw @binance make their first $Ondo transaction and now they’ve made more over the last 35 hours, 24 hours, and 10 hours

They’re testing out their functionality before listing 🚀

Binance listing of $Ondo is upon us 🔮

Remember you want to buy before the list https://t.co/btezDnzPSV pic.twitter.com/dEYNaKablh

— Not Telling (@nottellingyou73) November 10, 2024

Ondo Statistical Data

Based on CoinmarketCap data:

• ONDO price now – $0.8721
• Trading volume (24h) – $560 million
• Market cap – $1.21 billion
• Total supply – 10 billion
• Circulating supply – 1.9 billion
• ONDO ranking – #67

Ondo Price Breaks Out of a Consolidation Channel

The RWA sector is heating up as the Ondo price has broken out after a prolonged period of consolidation. The Ondo price dwindled like a dead weight on August 4. However, the bulls found support at $0.5480, regaining composure to prevent further downward losses.

This has led to a tug-of-war between the bulls and the bears, forcing the Ondo price into a consolidation phase. From August 5 to November 11, the Ondo price has been stuck in a tight range, with the upper limit/resistance at $0.8730 and the lower limit/support at $0.5480. 

This period between horizontal support and resistance levels was an accumulation period before the bulls initiated a strong upward move. Meanwhile, the Ondo price trades well above the 50-day Simple Moving Average(SMA)(green) and the 200-day Simple Moving Average (SMA) (blue). In this scenario, the Ondo bulls have turned the $0.7315 and $0.8724 into immediate support levels, leaving the token in a resistance-free zone. 

The RSI notably reinforces the bullish momentum, which has hurtled from the 50-mean level, currently at 66.50. This suggests intense buying appetite in the Ondo market, quashing the seller counterparts.

The MACD indicator has crossed above the orange signal line, calling for traders to rally behind ONDO. Notably, it has hurtled to the positive area, above the 50-mean level, as the green histograms increase in size. Meanwhile, traders are inclined to buy Ondo unless the MACD indicator changes.

Ondo Price Outlook: Is Ondo Set for $1 Soon?

The Ondo Bulls have taken the reigns, showing the bears nothing but total dust. Increased buying appetite will see Ondo price surge, hitting the $1 mark soon. In a highly bullish case, the bulls could target the next critical level at $1.13. 

On the downside, the Ondo price could fall if the bears step into the market and the whole market turns negative. The $0.8724 may be in line to absorb the potential selling pressure in such a case.