ONDO Price Surges 5.8% Following Binance Spot Listing Speculation: Can ONDO Hit $1.8

Highlights:

• ONDO price rises 5.8% to $1.65 with a 194% volume increase.
• Grey BTC highlights Upbit’s large ONDO accumulation.
• Speculation over ONDO’s Binance spot listing fuels optimism.

The Ondo price has surged by 5.8% in the last 24 hours to trade at $1.65 as of 8:14 a.m. EST, on a 194% increase in trading volume to $857 million. The market cap is 2.38 billion.

The ONDO/USD price has surged strongly today, with positive sentiment in the broader crypto market, including recent surges in Bitcoin and top altcoins. This rally is further fuelled by a notable increase in retail interest, as highlighted by renowned crypto influencer Grey BTC on X.

#Upbit largest exchange in Korea keep buying these dips! 🚀🚀

Today they bought every $ONDO dip, you should buy too…

Tic tac ⏰⏳ pic.twitter.com/Se6h8wcwKn

— gypsy king (@erregyx) December 10, 2024

According to Grey BTC, a major exchange like Upbit has accumulated ONDO for five months and has more tokens than initial venture capital investors such as Pantera and Coinbase, a strong signal of institutional interest. The influencer has predicted that by next year, ONDO could reach a value of $15, further building market optimism.

Further speculation of the possibility of ONDO’s spot listing on Binance, right after the trading of ONDO Futures on the platform, has added to the price surge. Social media discussions regarding a possible spot listing are already heating up and may lead to further interest in ONDO in the coming months.

Ondo Price Statistics

• Ondo price: $1.65
• Market cap: $2.38 billion
• Trading volume: $857 million
• Circulating supply: 1.4 billion
• Total supply: 10 billion

Ondo Price Bullish Trend Faces Potential Correction

The ONDO/USD pair is very bullish on the 1-day timeframe. The current price is $1.62333, a gain of 6.25% for the day. The price has surged from a significant support level of around $0.80, which seemed to have acted as the floor for the asset, providing consistent buying pressure during dips.

This surge has led to a parabolic price rise, indicating accelerating momentum. However, such sharp rallies are seldom sustainable, so a pullback or consolidation could be seen shortly.

The chart also depicts a golden cross wherein the 50-period moving average (blue line) has crossed above the 200-period moving average (green line), indicating short-term bullish strength. This crossover normally implies further upside in the short to medium term.

Also, the MACD presents a positive histogram, with the MACD line above the signal line, further confirming the bullish momentum. However, one should continue to monitor the MACD for any signs of divergence, as this could indicate that the uptrend is weakening.

The RSI is trading 66.53, close to the overbought zone (above 70). While the RSI above 60 reflects the continuation of bullish strength, proximity to the overbought threshold suggests that the Ondo price is due for a correction or consolidation.

Potential Correction Ahead as RSI Hits Overbought Levels

The price approaches resistance at $1.62333, corresponding to the parabolic curve’s top. If this level is breached, the next resistance may be around $1.80, where selling pressure could intensify. On the downside, a retracement may be supported at the $1.00 level, where the 50-period moving average is sited and could support the uptrend continuation.

However, the RSI has already reached overbought levels, and price movement parabolic is raising the caution flag. Conclusions are for a potential correction to take place or consolidative moments. This might imply a resistance movement toward $1.62333, while support may form at approximately $1.00. These levels must be closely watched as this price action develops.