ONDO's price action indicates signs of consolidation following a recent rally, with new opportunities presented by the launch of Ondo Global Markets.
Reasons for ONDO's Price Increase
ONDO exhibited a double bottom within a support zone in the $0.87-$0.84 price range, suggesting a potential trend reversal. The recent launch of Ondo Global Markets, which offers tokenized access to U.S. stocks and ETFs, has been a key growth driver, resulting in a 12% price increase to a peak of $0.986.
Key Levels to Watch for ONDO's Price
Current support at $0.92 aligns with the 23.60% Fibonacci retracement level. Overcoming resistance at $1.00, which corresponds to the 50% Fibonacci level, is anticipated as a critical point for further increases. A rise above this level may lead to resistance in the $1.16-$1.13 range.
Technical Analysis and Market Sentiment
Indicators such as the Relative Strength Index (RSI) suggest a mildly bearish trend, yet the price remains in a consolidation phase. CVD data supports rising trader confidence, which could lead to further price increases. Analysis indicates ONDO is in a discount zone, maintaining bullish sentiment.
Despite the recent pullback, technical and fundamental indicators suggest overall bullish sentiment for ONDO. The support level at $0.92 and the launch of the new platform support growth expectations.
