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.
https://twitter.com/santimentfeed/status/1794623466639065528?ref_src=twsrc%5Etfw” rel=”nofollow
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.
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