ONDO Token Approaches Key Breakout Amid Market Volatility
ONDO token is nearing a breakout from a descending triangle pattern, potentially leading to a 47% price swing. Current trading price is around $1.11, down by 3.5% in the past 24 hours. ONDO ranks as the 32nd-largest cryptocurrency with a market cap of $3.51 billion.
Key Insights
- Price approaching lower Bollinger Band may indicate oversold conditions.
- Relative Strength Index (RSI) at 35 suggests nearing oversold territory.
- MACD below signal line indicates bearish momentum; upward crossover could signal bullish reversal.
- Immediate resistance at $1.30, targeting $1.50 and potentially $1.80 if breakout occurs.
- Failure to hold support near $1.05 may lead to retesting $0.90 level.
Institutional Interest
Following Donald Trump's election victory, ONDO experienced a surge in demand due to a significant investment from World Liberty Financial. The token rose 350% between November 5 and December 17 amid increased interest in Real-World Asset (RWA) tokenization. However, it has dropped 25% in value over the past month due to broader crypto market trends.