ONDO Price on the Verge of Breakout: New All-Time High Expected This Month
The cryptocurrency market is no stranger to volatility, with top tokens constantly experiencing significant price fluctuations. This ongoing turbulence highlights the intense buying and selling pressures within the crypto space.
In recent developments, Ethereum-based cryptocurrencies have managed to regain momentum, with ONDO standing out by appreciating approximately 8% in the past 24 hours. This surge indicates a growing positive sentiment and suggests a bullish outlook in the near future.
Ondo Token Displays Increased Price Action
Despite closing the previous week on a bearish note with a 12.23% correction, the Ondo token has rebounded strongly. Over the past three days, it has added 15.77% to its value. Within just the last 24 hours, the Ondo price has risen by 7.79%, even as trading volume dropped by 44.52%. Although the token experienced a minor 2% correction over the past week, it has surged by 34.64% since its inception, underscoring its bullish potential.
As of now, the price of Ondo stands at $1.277. With a circulating supply of 1,389,759,838 ONDO tokens out of a total supply of 10,000,000,000, the altcoin ranks 51st globally with a market capitalization of $1.766 billion.
Ondo Crypto Market Sentiments
Technical indicators paint a promising picture for Ondo. The Simple Moving Average (SMA) on the 1D timeframe shows a positive crossover, signaling increased bullish sentiment. The Moving Average Convergence Divergence (MACD) indicator also shows a decline in the red histogram, suggesting rising buying pressure over selling pressure. The averages point towards a potential bullish convergence, indicating that the price could continue its upward trajectory this week.
Will ONDO Price Go Up In 2024?
Looking ahead, if the market can sustain the Ondo coin price above the crucial support level of $1.216, the bulls are likely to maintain their momentum and test the previous all-time high (ATH) of $1.48 this month. Holding the price at this level could set the stage for ONDO to climb towards its upper resistance level of $1.75.
However, if a trend reversal occurs, the ONDO token may retest its support level of $1.216. Should the bears take control, the altcoin could fall further, targeting the critical support level of $0.984 in the near term.
Conclusion
The Ondo token’s recent price action and technical indicators suggest a bullish outlook, provided it can sustain key support levels. As always, investors should conduct thorough research and consider the inherent volatility of the crypto market before making any investment decisions.
