Ondo (ONDO) Price Eyes Rally to $1.37, What’s Behind the Surge?
Highlights
- Ondo Finance successfully tested the near-instant conversions between USDC and BUIDL.
- The ONDO price breakout above $0.8276 could trigger further action all the way to $1.37.
- Ondo Finance was among the first supporters of BlackRock BUIDL fund by employing its OUSG token.
ONDO, the native cryptocurrency of Ondo DAO, has been making strong moves in the crypto space. The ONDO price has regained momentum once again gaining 8% over the last week and currently trading at $0.82. Some market analysts are expecting this rally to continue with a potential of 50-60% gains going ahead.
What’s Behind the ONDO Price Rally?
On Thursday, April 11, USDC stablecoin issuer Circle introduced a new smart contracts function allowing instant redemptions from the newly launched BlackRock BUIDL fund for USDC stablecoins. Ondo Finance’s tokenized asset platform was quick to test the near-instant conversions between USDC and BUIDL.
The world’s largest asset manager BlackRock made headlines last month while dipping its toes into the asset tokenization market and launching its own BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
The investment in the fund is symbolized by the Ethereum-based BUIDL token, offering daily yields distributed to token holders through blockchain channels. Ondo Finance was among the first supporters of the fund, employing it as a collateral asset for its OUSG token.
According to data from Lunacrush, an Ondo wallet on the Ethereum blockchain recently exchanged $250,000 worth of BUIDL tokens for USDC.
CEO of Ondo Finance, Nathan Allman, explained, “We are utilizing it to facilitate immediate 24/7/365 redemptions of OUSG into USDC.” OUSG denotes the Ondo Short-Term U.S. Government Treasuries token, which is backed by securities issued by the U.S. government.
ONDO Price Rally to Continue Till $1.37
Ondo’s price has been consolidating just below the $0.8276 support level since the beginning of the month. If the overall market displays strength, ONDO might overcome this barrier and turn it into support. Such a scenario could potentially result in substantial gains for ONDO holders, possibly reaching the psychologically significant level of $1.0000. This would represent a 20% increase from the current levels.
The significance of $0.8276 lies in its status as a previous high that was later converted into support. As of now, the ONDO price is once again trading pretty close to this resistance. A breakout above this could lead to a price rally to $1.0.
According to crypto analyst Decilizer, ONDO has validated support at $0.75 and is now progressing toward our next target of $1.37, contingent upon Bitcoin maintaining its bullish momentum.
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