Ondo (ONDO) Price Hits All Time High as OI Rises 10%

Ondo (ONDO) price has hit a new all-time high after a successive bull run in the last 24 hours. During this rally, ONDO price surged by over 10% and climbed to 2nd on CoinMarketCap list of top gainers. 

ONDO Price Hits All-Time High

Ondo has been in a bullish rally since establishing support at the intra-day low of $1.22. This rally mirrors an uptrend experienced over the last 30  days, with the price soaring by over 74% from a monthly low of $0.7369. As of press time, ONDO was trading at $1.36, an all-time high and a 10.46% surge from the support level. This surge reflects a 1520% rise from the all-time low set 4 months ago on Jan 18th.

Source: CoinMarketCap

Accompanying this surge is a rally in market capitalization and 24-hour trading volume by 9.50% and 12.15%, respectively, to $1,889,288,777 and $260,300,488. This rally is attributable to MANTRA’s announcement of launching a new savings vault backed by Ondo that uses the USDY token. 

If this bullish momentum breaches the $1.36 resistance, the following resistance levels to watch are $1.50 and $1.70. However, if the price fails to break through the resistance at $1.36, we may see a retracement back to the support level at $1.20 before another attempt at breaking higher. 

ONDO Futures Open Interest Surges 10%

During this rally, ONDO derivatives data analysis reveals a bullish sentiment in the ONDO market, with volume up by 9.47% to $377.47 million. In addition, open interest (OI) is up by 10.26% to $250.07 million. This trend indicates a heightened trading activity and a strong interest in holding positions, suggesting an optimistic market anticipation of future price movements.

On the ONDOUSD price chart, the Bollinger bands are expanding, reflecting a high volatility phase, with the upper, middle, and lower bands touching $1.40, $1.04, and $0.68838, respectively. Backing the optimism in the market, the candlesticks are trending near the upper band, a strong upward price movement backed by the sustained position above the middle band (20-day SMA).  

Source: TradingView

However, the Relative Strength Index (RSI) is in overbought territory, with a rating of 74, so ONDO may be overbought, which could lead to a potential pullback or price consolidation.

Despite this overbought trend, the Chaikin Money Flow (CMF) motion in the positive region, with a rating of 0.19, suggests that money is flowing in the market, reflecting increasing buying pressure, which is a bullish signal. 

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