As an experienced analyst, I’ve closely monitored the recent surge of the ONDO coin in the cryptocurrency market. The token’s remarkable 75% increase over the past 11 days and new high of $1.3 today is truly impressive. However, given the current market uncertainty, it’s essential to consider whether this recovery will be prolonged or if a fresh correction may spark.
Analysis of Ondo Finance’s ONDO Coin: The ONDO token from Ondo Finance has gained significant attention in the cryptocurrency world, marking a notable 75% surge over the past 11 days. Bucking the trend of market instability, ONDO experienced a robust upward trend and reached a new peak price of $1.3 today. However, will this uptrend persist or could the current lethargic approval process trigger another correction?
ONDO Coin Shows Strong Momentum as Trader Activity Increases
As a researcher studying the cryptocurrency market, I’ve noticed that since late March 2024, ONDO coins have primarily traded within a narrow range, oscillating between two horizontal levels at $1.042 and $0.69. The altcoin has bounced back multiple times from these support and resistance levels, suggesting market instability and uncertainty as the price action remained confined to this narrow range.
The ONDO gained traction around mid-May during the market’s overall rebound. This trend was further fueled by robust buying activity towards Ethereum following the US Securities and Exchange Commission’s approval of a spot Ethereum Exchange Traded Fund (ETF).
As a researcher studying the cryptocurrency market, I observed on May 23rd that ONDO experienced a significant price breakthrough, surpassing its resistance level of $1.042. This development suggests that the ongoing uptrend is set to persist. At present, the intraday growth has amounted to 4%, resulting in a trading price of $1.28 for ONDO. The altcoin appears robust with no noticeable signs of weakness thus far.
As a crypto analyst, I’ve recently observed some intriguing developments with the ONDO coin. Based on my analysis using data from Santiment, the coin’s recent price increase can be attributed to substantial network expansion and escalating trader engagement.
The cryptocurrency scene has been abuzz with the meteoric rise of Ondo, which has seen a impressive 75% growth within just eleven days, making it the most captivating token currently in the crypto market.
Feb. 26th Non-Empty $ONDO Wallets: 5,110
May 26th Non-Empty $ONDO Wallets: 33,225 (+550% Rise)
Track this chart on @santimentfeed any time:
— Santiment (@santimentfeed) May 26, 2024
As a researcher studying the cryptocurrency market, I’ve noticed some intriguing developments regarding the ONDO token based on Santiment’s data. On February 26th, there were 5,110 non-empty wallets containing ONDO. However, by May 26th, this number had dramatically increased to 33,225 – a staggering 550% surge in just three short months. This remarkable growth in the number of active wallets underscores the burgeoning interest and adoption of the ONDO token within the crypto community.
When analyzing an altcoin’s price action, I notice that we have entered a phase of price discovery. The established pivot level presents a potential barrier to further upward movement at the price of $1.31. Beyond this point, there is another resistance level to consider at $1.55.
Technical Indicator
- Pivot Levels: The traditional pivot levels show the recently breached $1.042 can act as suitable flipped support in case the price retest
- Average Directional Index: An uptick in the daily ADX slope at 25% accentuates the current rally is far from exhaustion.
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2024-05-26 19:20