ONDO Coin Analysis: Key Resistance Levels to Watch in Price Discovery Mode

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.