ONDO Looks Bullish: Could Bulls Continue To Outperform Ahead?

• ONDO registered its new ATH mark $1.48 this week.
• The technicals are guiding a bullish outlook and suggest that the rally can continue ahead.

ONDO started its journey from Jan 18, 2024, rising over 1280% till now. Last week, the token escaped out of a range and sharply accelerated beyond the $1 mark, which led to a new ATH.

However, the market sentiments did not support the bulls to extend the rally and profit booking was witnessed this week. Still, the ONDO price retraced 12% and is looked bullish on the chart.

The chart structure signifies the bullish momentum and displays a higher high sequence, revealing strong volume buying activity in the past sessions.

At press time, the ONDO traded at $1.23 with an intraday decline of 0.36%, reflecting neutrality on the charts.

The pair of ONDO/BTC is at 0.000183 BTC, and the market cap is $2.54 Billion. Analysts are bullish and suggest that the ONDO may extend the rally and will continue to outperform in the coming sessions.

ONDO Reflects Rising Parallel Channel on Daily Charts 

Over the past few months, the token was traded inside the rising parallel channel and showed a consistent up move.

Notably, the ONDO trades in the blue sky zone and has reached the 61.8% level this week. Somehow, bulls were not able to sustain there and retested the 20 day EMA prompt support zone.

Source: TradingView

Its trading volume rose over 89% to $242.90 Million in the last 24 hours and is revealing investor speculation.

Momentum oscillators are giving a positive outlook, suggesting the token might continue to skyrocket gains and will cross the $1.50 mark soon.

Weighted Sentiment Looks Positive, Volatility Remained Lower

Per the Santiment data, following the price rise, the weighted sentiment data looks impressive, as holders are guiding their positive intention toward the token.

Source: Santiment

This week, the price volatility data jumped over 13% to 0.024, revealing a surge in trading activity.

@Altcoin Sherpa guides that I was wrong on it, consolidating for another leg, wasn’t ready. I think that this one probably trades down to the $1.10 level before the next bounce (should be a small 1 first at $1.19). Still bullish on it though from a RWA perspective.

$ONDO: I was wrong on it consolidating for another leg, wasn't ready. I think that this one probably trades down to the $1.10 level before the next bounce (should be a small 1 first at $1.19). Still bullish on it though from a RWA perspective pic.twitter.com/T9hA8gYeQe

— Altcoin Sherpa (@AltcoinSherpa) June 10, 2024

Source: X

He believes that ONDO might retest the breakout region of $1.10 before the next bounce.

Social Metrics Reveal a Surge

This week, the social dominance data revealed a bounce 280% jump in the user engagement on the media platforms.

Source: Santiment

Similarly, the development activity data signifies a positive outlook, its value remained stable around the midline region, noted at 0.19 mark.

Per the Fib levels, close to the $1.10 mark, 50% Fib support zone was there and a 50 day EMA was placed, from there a significant bounce was expected.

The immediate support levels for the ONDO token are $1.15 and $1.00 whereas the key upside hurdle is around $1.58 followed by $1.80.

Conclusion

ONDO has retested the 20 day EMA mark and retraced over 12% this week. However, the trend is still bullish and investors are still showing their positive interest in it.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.