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- ONDO stabilizes between $0.66 and $0.84, indicating a potential price breakout soon.
- On-chain metrics show increased whale activity and a new all-time high in TVL.
- Market sentiment is crucial as traders watch key support and resistance levels closely.
As of writing, Ondo (ONDO) is trading between $0.66 and $0.84, showing signs of stabilization. According to experts, this consolidation hints at a potential breakout. With support at $0.58 and resistance at $0.88, traders watch closely.
Recently, the price of ONDO dipped nearly 4.9%, contrasting sharply with a notable 19.1% increase over the last month. Meanwhile, ONDO Finance has surpassed just $2.2 Billion in the Tokenized Treasuries Market, as the post below highlights.
#ONDO Finance Surpasses $2.2 Billion in Tokenized Treasuries Market…#Ondo Finance, another #DeFi platform, has achieved a significant milestone, with the market value of its tokenized treasuries exceeding $2.2 billion. The platform, known for its innovative financial…
— MyCooLinvests (@MyCooLinvests) October 8, 2024
Technical Indicators Suggest a Neutral Trend
The 10-day moving average stands around $0.75, while the 100-day average sits slightly lower at $0.71. These figures suggest a neutral trend, leaving investors in suspense. The Relative Strength Index (RSI) at 46 and the Stochastic level at 30.83 reveal that ONDO is neither overbought or oversold.
This balance hints that a significant move could happen soon. If the price breaks through the $0.88 resistance level, traders might target $1.04. On the flip side, a dip below $0.58 could lead to a drop to the next support at $0.43. Market sentiment remains crucial during this delicate balancing act.
On-Chain Metrics Paint a Bullish Picture
On-chain metrics for ONDO paint a promising picture. The Total Value Locked (TVL) surged from $537.13 million at the end of August to an impressive $618.32 million by September 22.
This growth set a new all-time high and signaled increased activity within the Ondo ecosystem. Additionally, whale activity in the Ondo ecosystem has significantly increased.
Santiment’s Supply Distribution metric reveals that whales have been accumulating ONDO lately. According to experts, increasing whale activity often signals strong confidence in an underlying asset.
Despite these encouraging signs however, daily active addresses for Ondo remain low. This decline signals dwindling demand, which may temper expectations for a quick price surge.