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- The Ondo crypto price has surged 22.17% in the last seven days of trading.
- Technical indicators summary suggests a strong bullish signal in the current phase.
- An increment of 26.04% has been observed in the trading volume of ONDO in the last 24 hours.
Ondo Finance (ONDO) is a decentralized finance (DeFi) protocol launched on January 18, 2024. The project primarily focuses on tokenizing real-world assets (RWAs), which helps increase accessibility to institutional-grade financial products and services.
For the past few months, tremendous growth has been observed in the ONDO token price. Except for April 2024, in which the price experienced a bullish correction phase. The current month is showcasing some positive upsurges.
Crypto Whale Has Entered the Field, Ondo Price Performance
On March 19, 2024, the ONDO crypto price witnessed massive buying from the $0.384 major demand zone. By making impulsive bullish moves, the crypto has recorded over a 170% positive upsurge in price. Afterward, the price ended up experiencing a bullish correction phase in the form of a bullish pennant pattern.
During the previous impulsive move, the price formed a key bullish point of interest (POI) at the $0.693 level. The POI served as a trampoline for bulls to break above the bullish pennant pattern. As the breakout happened, the “Spot On Chain” X account tweeted about a crypto whale activity, which intrigued many buyers.
Source: Spot On Chain, X account
In this post, the “Spot On Chain” account tracks the recent activity of a crypto whale transaction. The new Whale 0x803 wallet address made a withdrawal of 957 $ETH from #Gemini on May 16.
Afterward, he swapped 796.3 $ETH ($2.38M) for 2.64M $ONDO with an exchange price of $0.902. This has become one of the biggest reasons behind the recent pump in the Ondo crypto price.
Technical Analysis of the Ondo (ONDO/USD)
The bullish outlook implies that it is above the key exponential moving average. The current ONDO price is moving above the 50-day EMA, reflecting an uptrend. The 50-day EMA has been acting as a dynamic support for the price.
ONDO price has given a breakout of a bullish pennant pattern at the $0.824 level. The price has formed impulsive bullish candles after the breakout and surged over 25% to the 0.983 level. As per the technical speculations, the price may retest the $0.864 level before breaking above the $1.050 major resistance level.
The relative strength index (RSI) reflected strong bullish momentum in current price strength from the 50-mark middle band. This reflects that buyers are dominating in the current phase. The RSI is moving at 65.88 above the SMA line.
Summary
Since its initial launch, ONDO crypto has gained much appreciation from investors and traders. The overall positive return of the cryptocurrency has exceeded 220%. In recent times, the price broke through a correction phase, and a whale entered afterward.
This could be a positive signal for other investors to consider this RWA project. The technical speculation about the price also suggests a bullish look in the current phase.
Technical Levels
When writing, the immediate resistance for ONDO was $1.050, while the $0.824 level was the next support. If the price exceeds the upper resistance level, a rise in price can be expected.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
