Ondo Price Surges 12% as World Liberty Financial Buys 134,200 Tokens – Will it Hit $2.51?

Highlights:

• The ONDO price rose 12% to $2.04, with trading volume spiking 140% to $887 million.
• ONDO hit a record $2.14, extending its six-week rally to over 200% gains.
• Trump-backed WFLI buys 134,200 ONDO for $250K USDC.

The price has surged 12% in the last 24 hours to trade at $2.04 as of 5 a.m. EST on a 140% pump in trading volume to $887 million. Ondo price jumped to a new ATH of $2.14 on Monday, which also marked a 20% rally over the week and extended the winning streak to six weeks with more than 200% gains since the beginning of November.

🚨LATEST NEWS: The Trump family’s crypto project, World Liberty (@worldlibertyfi), spent $250K in $USDC to acquire 134,216 $ONDO, triggering a 14% price surge to a new all-time high.

This marks their 6th token purchase, all made through DEX platform CowSwap, which saw a 150%… pic.twitter.com/nmBKtXsTXp

— 0xMedia (@0xmediaco) December 16, 2024

Meanwhile, WFLI, a Trump-backed World Liberty Financial, bought 134,200 ONDO tokens for $250K USDC, showing confidence in the RWA token. Additionally, the futures Open Interest has climbed to $426.36 million, which is an all-time high since ONDO’s release, depicting more market participation and more upside potential.

While strong on-chain data and growing institutional interest could see ONDO test new highs in the near term, the current bullish momentum seems unstoppable.

ONDO Price Continues Surge Along the Parabolic Rally

The ONDO/USD chart reflects the powerful bullish momentum of a strong parabolic rally. Currently, the price changes hands at $2.01994, which is slightly lower than the recent high reached at $2.14. This upward movement extends ONDO’s breakout from its long-term consolidation phase initiated in October, wherein the price found substantial support at approximately $0.40. This support area has been an excellent zone for bulls to gain momentum and push the price upward.

The chart clearly highlights a parabolic curve, which often reflects accelerated buying interest and growing market confidence. Since the breakout, ONDO has rallied significantly, with no major pullbacks. If the momentum continues, the price could target $2.51, aligning with the 141.4% Fibonacci extension level measured from the October low of $0.588 to the recent high of $2.14.

The Golden Cross, when the 50-day MA crossed above the 200-day MA, at $1.1523 and $0.9479, respectively, is a major bullish indication on the chart. This cross of the 50-day MA above the 200-day MA is a great signal for a sustained uptrend and confirms the current bullish bias. In case of a correction, these moving averages will provide dynamic support to prevent further declines.

Bullish Technicals Signal a Short Term Pull Back

The MACD also supports the bullish outlook. The MACD line is above the signal line, and the histogram bars remain positive, reflecting increasing buying pressure.

Further, the RSI reads 72.17, indicating that ONDO is in overbought territory. While this highlights strong bullish momentum, it also points to an increased risk of a short-term pullback or consolidation to allow the RSI to reset.

After convincingly breaking above $2.14, the rally on ONDO price could continue further up to $2.51 in the short term. However, investors need to be alerted to overbought RSI readings for a temporary adjustment down or sideways before resuming further. In this process, the 50-day MA, around $1.15, supported further by the 200-day MA, around $0.95, shall provide healthy supportive grounds.