ONDO Price Rallies 15%: Can Buyers Turn It Into a Multi-Week Run?
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In crypto markets, Ondo Finance launched the first DTCC-based tokenised stock entitlements with partners including BlackRock, J.P. Morgan, Goldman Sachs, Nasdaq and NYSE, and ONDO jumped ~15% to $0.37 as daily volume surged 301% to $265.75M. Technically ONDO is pressing wedge resistance with a breakout target toward $0.48 and near resistance at $0.3841, but the MACD is bullish while RSI at 81.76 signals an overbought condition and acute pullback risk to supports near $0.36 and $0.3511.
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- ONDO is trading at the $0.37 mark after an 15% rise.
- The daily trading volume has exploded by over 300%.
Ondo Finance has launched the first tokenised stock representations based on DTC tokenised entitlements, securities held and processed through the DTCC Tokenisation Service. Along with Ondo, BlackRock, J.P. Morgan, Goldman Sachs, Nasdaq, and NYSE are all part of this initiative.
In addition, the native token, ONDO, reacted immediately, with a surge of over 15.50%, hovering at $0.3720 with the trading volume exploding 301% to $265.75M. Technically, ONDO is pressing against key falling wedge resistance. Also, a confirmed breakout above that level opens the door toward the $0.48 range.
The broader trend is constructive, with higher highs, higher lows, and buyers stepping in consistently at key support. As long as that support holds, the path of least resistance for ONDO points higher.
Can ONDO Sustain Its Momentum Ahead?
The four-hour price chart of the ONDO/USDT pair exhibits a bullish pattern, and green candles have emerged. With the positive momentum, the price could climb to the $0.3841 resistance. If the mighty bulls persist, the golden cross will take place and gradually send the asset’s price above $0.39.
On the flip side, assuming the price graph of ONDO turns red, it hints at a bearish crossover, and the price could slip toward the support zone at around $0.36. A failure to sustain this level might trigger the death cross to emerge and intensify the downside correction, pulling the price below $0.3511.
While analysing the technical chart, the MACD line is found above the signal line, buyers are driving the short-term price acceleration. Both lines are above the zero line, indicating a strong bullish momentum.
This is a classic bullish continuation signal, showing a healthy uptrend with plenty of underlying strength. With this setup, a sudden bearish reversal might be unlikely within the short-term plan.
ONDO’s ongoing market sentiment is highly bullish, with the RSI reading at 81.76, suggesting an extremely overbought and overextended condition. There is an imminent pullback risk at this level, with the upward trend heavily exhausted.
The likelihood of a sharp correction or a deep cooling-off state is very high. Entering new long positions here carries extreme risk. Also, the asset is flashing strong warning signs of an impending near-term pullback.
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