ONDO Coin Analysis: Key Resistance Levels to Watch in Price Discovery Mode
Highlights
- The ONDO coin has experienced a four-day consecutive rise, with increasing trading volume highlighting its high momentum rally, making it an attractive asset for breakout traders.
- The fast-moving 20-day EMA may offer buyers dynamic support to lead an extended recovery rally.
- The intraday trading volume in ONDO is $310.3 Million, indicating a 20% loss.
ONDO Coin Analysis: Ondo Finance coin has emerged as the top trending token in the cryptocurrency market, boasting a remarkable 75% increase over the past 11 days. Defying the current market uncertainty, the ONDO rode a high momentum rally and hit a new high of $1.3 today. Will this recovery be prolonged or will the sluggish price action in approval spark a fresh correction?
Also Read: Bitcoin Price Hits $69,000; Will It Break $75,000 Soon?
ONDO Coin Shows Strong Momentum as Trader Activity Increases
Since late March 2024, the ONDO coin majorly traded sideways resonating within two horizontal levels of $1.042 and $0.69. The altcoin rebounded several times from this from Support/Resistance indicating market uncertain and narrow range formation.
However, the ONDO picked up momentum in mid-May amid the broader market recovery and witnessed even aggressive buying pressure along Ethereum as US Sec approved spot ETH ETF.
On May 23rd, the ONDO price showed a decisive breakout from the range’s overhead resistance of $1.042, signaling the continuation of the prevailing uptrend. With an intraday gain of 4%, this altcoin currently trades at $1.28 and shows no sign of weakness yet.
According to a recent analysis by crypto analytics firm Santiment, the recent surge in interest and value in the ONDO coin is underscored by significant network growth and heightened trader activity.
📈 #Ondo (+75% in 11 days) is the top trending token in #crypto, and its presence has been hard to ignore.
👉 Feb. 26th Non-Empty $ONDO Wallets: 5,110
👉 May 26th Non-Empty $ONDO Wallets: 33,225 (+550% Rise)Track this chart on @santimentfeed any time: https://t.co/I9t7n5lY8k pic.twitter.com/SXEFBicYMc
— Santiment (@santimentfeed) May 26, 2024
Santiment’s data reveals a substantial rise in the number of non-empty ONDO wallets. On February 26th, 5,110 non-empty wallets were holding ONDO. By May 26th, this number had soared to 33,225, marking an impressive 550% increase in just three months. This rapid growth in wallet numbers highlights the growing interest and adoption of the ONDO token within the crypto community.
As the altcoin enters a price discovery mode, the traditional pivot level indicates potential overhead resistance at $1.31, followed by $1.55.
Technical Indicator
- Pivot Levels: The traditional pivot levels show the recently breached $1.042 can act as suitable flipped support in case the price retest
- Average Directional Index: An uptick in the daily ADX slope at 25% accentuates the current rally is far from exhaustion.
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
