ONDO Price Sees Support at $1.19 with Funding Rate at -63.73%
Bitcoin has surpassed $100,000, leading the total crypto market cap excluding Bitcoin to reach $1.48 trillion. The altcoin market surged by 7.32%, improving overall market sentiment.
Ondo Finance (ONDO) Update
- Ondo's price increased by 2.6% in the last 24 hours, with a market cap of $1.66 billion.
- The price is currently facing horizontal support at $1.19, indicating a sideways trend within a falling channel.
- Recent trading saw a 6.68% intraday drop, limiting overall growth and suggesting potential bearish continuation.
- The 200-day EMA may provide bullish support, while a minor bullish divergence in the daily RSI increases breakout potential.
Market Sentiment
- Analyst Ali Martinez noted a negative funding rate of -63.73% in the Ondo derivatives market, indicating exchanges are incentivizing long positions.
- This rare setup presents a potential bullish opportunity but carries risks, especially for high-leverage traders.
Price Targets
- A breakout from the falling channel could target the $2.00 level, followed by $2.32 and $2.60.
- Key support levels are near $1.00 and $0.80.
Conclusion
The current price action of ONDO suggests a potential for a breakout if it rebounds from the $1.19 support. Target levels remain achievable at $2.32 and $2.60.