- ONDO has risen by over 5% in the past 24 hours
- The chart shows that buying pressure is also increasing.
ONDO The daily chart of ONDO remained in green while other cryptos bled. ONDO even managed to surpass the King of Altcoins. Ethereum [ETH], Social front. We’ll take a closer at ONDO in order to understand what is happening.
ONDO bulls standing strong
ONDO’s daily chart was the opposite of most other cryptos. This is because the markets were in a downturn. According to CoinMarketCapThe altcoin has appreciated more than 5% over the past 24 hours.
It was currently trading for $0.8269, with a capitalization over $1.14 Billion, which makes it the 77th biggest crypto. Positive price movements also led to an increase in investor confidence. ONDO’s sentiment index spiked dramatically, which was a strong indicator. The uptick in sentiment was so strong that it even outperformed ETH.
LunarCrush has recently posted a new a tweet Highlighting ONDO’s social growth. The tokens’ social interactions increased by 117.3 %.
BlackRock could be the reason for this sudden increase. After testing the new ability to perform near-instant exchanges between Circle’s USDC and BlackRock’s BUIDL, both social volume and altcoin value increased. Will the buzz around this episode, however, be enough to keep ONDO’s bull run going?
Expectations from ONDO
AMBCrypto examined Santiment’s data in order to determine the direction that ONDO may be going. According to our analysis, the buying pressure for this token increased as its exchange supply dropped. In the meantime, supply of tokens outside exchanges has increased. This shows that investors are accumulating.
It is possible that a few whales have sold some of their stock. The MVRV rate also appeared to be a problem, as it dropped sharply in the past few days.
A few technical indicators were also bearish. The Chaikin Money Flow, for example, registered a downward trend, indicating the price could soon be corrected.
MACD showed a similar clear advantage for the bears. Nonetheless, the Relative Strength Index (RSI) went north – A sign that ONDO might be able to sustain its uptrend.
Click Here to Read ONDO’s Price Prediction 2024-25
Then, we looked into the Hyblock Capital data in order to determine possible targets that the token could reach if it continues its bull run.
The token may face resistance around $0.87. If the token is able to break through that resistance, it could reach $1 within the next few weeks.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com