As a seasoned crypto investor with a knack for deciphering market trends and patterns, I find myself intrigued by ONDO’s recent price action. The current consolidation phase is reminiscent of a cat on a hot tin roof – it’s tense, nerve-wracking, but also filled with anticipation for the next move.
Over the past week, ONDO’s price has been underwhelming, mostly staying near the $1 point. A closer look at its daily trading chart reveals small candle bodies and long wicks on both ends, indicating uncertainty among buyers and sellers. If Bitcoin encounters persistent resistance at the $70,000 price point, it could potentially prolong a phase of market consolidation for altcoins like ONDO for the upcoming month.
Ondo Price Nearing a Decisive Breakout
For the last two months, the price of ONDO coin has been gradually decreasing due to a descending trendline’s impact. This downward pressure caused the value to drop from $1.48 to $0.96, representing a 35% decrease. Consequently, the market cap plummeted to approximately $1.33 Billion.
Since mid-July, ONDO’s downward momentum appears to have lessened, thanks to an upward-slanting trendline that has been holding strong since May 2024. This trendline has played a key role in shaping a triangle pattern that resembles the one observed during the second quarter. This pattern, similar to what preceded a substantial 71.5% rise earlier, could potentially signal another significant rally.
In simpler terms, the Bollinger Bands indicate that the price of ONDO is experiencing low volatility, which often leads to a major price shift in either direction. This situation usually precedes a strong move out of the current range. Meanwhile, the MACD indicator shows frequent crossings between its blue and orange lines, signaling a neutral market opinion and potential prolonged stability.
For the buyers to take charge again, it’s crucial that there’s a breakthrough above the current resistance line. This breakthrough might push ONDO’s price beyond its previous record high of $1.48, possibly resulting in a 45% rise in worth.
According to Santiment analytics, the amount of ONDO tokens held by non-exchange addresses has grown from 8.45 billion to 8.52 billion in the past month. This increase implies that more coins are being transferred from exchanges to individual wallets, possibly signaling that investors might be planning for long-term storage.
Such actions typically suggest optimism among investors, as they tend to hold onto their investments for an extended period rather than selling them quickly.
On July 7, the 30-day Market Value to Realized Value (MVRV) ratio reached a low point of -22%, and it’s now sitting at -4.47%. This ratio compares the current value of all circulating tokens with their original purchase price, giving an average profit or loss for each token. A negative MVRV ratio means that most token holders are currently experiencing a loss.
The shift from -22% to -4.47% implies a market improvement, suggesting it’s getting closer to a balanced or even somewhat positive stance.
In a different perspective, should the price of this altcoin drop beneath the trendline that serves as its support, it could intensify the demand for selling and extend the downtrend towards approximately $0.7.
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2024-07-31 19:27