- 1 ONDO token trades inside the falling wedge pattern and is ready for a breakout ahead.
- 2 The key metrics revealed bullish projections and implied a bull rally ahead.
ONDO was trading upwards, revealing an uptrend on the chart. Last month, the token exited the consolidation phase and hit its all-time-high mark of $1.48.
Afterward, the token faced profit booking and retraced over 25% in the last few trading sessions. However, the trend is intact, and buyers are looking to stretch the positive momentum and are eyeing to reach the $2 mark soon.
Sellers are on the back foot and tried to push the token below the $1 mark to extend the distribution. Meanwhile, buyers will continue to dominate ahead if the token maintains the gains beyond its 50-day EMA mark.
At press time, ONDO was trading at $1.16 with an intraday drop of 1.26%, reflecting neutrality on the chart. It has a monthly return ratio of -5.30% and 3755% yearly, reflecting a long-term uptrend.
The pair of ONDO/BTC is at 0.0000191 BTC, and the market cap is $2.39 Billion. Analysts are neutral and suggest that ONDO may continue in the bullish wave.
ONDO Grabbed Momentum: Could it Split the Trendline Hurdle?
In the last few sessions, the ONDO token remained stable at around the 50-day EMA mark and looked poised for a rise. Interestingly, it retested the support zone of $1.00 twice and made a double bottom formation there.
Once the token succeeds in climbing above the $1.20 mark, a sharp breakout rally toward the $2 mark can be seen ahead. Nonetheless, the ATH mark was only 23%, far from the current price levels.
Source: Santiment
Notably, the trading volume remained flat at around $200 Million, ranked 51th. Its volume-to-market cap ratio is 0.0849, with a total supply of 10 billion.
Price Volatility and Weighted Sentiment Data Outlook
This week, the token stayed flat and did not reflect any impulsive move, which resulted in low volatility.
Source: Santiment
Meanwhile, the weighted sentiment data stays close to the midline region, reflecting a neutral outlook.
The RSI curve stayed close to the midline region and displayed a convergence of the MA line with the signal line, which implies that a bounce is on the cards.
ONDO Reveals Surge in Popularity
The Social Dominance curve witnessed a notable rise of over 23% to 0.226%, an incremental move in the investors’ discussion activity on social media platforms.
Source: Santiment
Similarly, the social volume data revealed a surge of over 12%, displaying the rise in the users’ interest and engagement. A tweet by @CryptoFaibik implied that ONDO formed a bullish flag pattern and may deliver a rally ahead.
$ONDO #ONDO is getting Ready for Another Bullish Rally.. ️ pic.twitter.com/7x43LjB6dz
— Captain Faibik (@CryptoFaibik) June 27, 2024
Source: X
Futures Open Interest Data Revealed Positive Outlook
Source: Coinglass
The open interest data dropped over 5.01% to $155.62 Million, revealing the long unwinding activity in the last 24 hours.
The immediate support levels for ONDO are $1.80 and $1.30, whereas the key upside hurdle is around $2.40, followed by $3.
Is ONDO Poised to Breach its ATH Mark?
ONDO traded close to the 20-day EMA mark and looked bullish. Moreover, the token is poised for a rise and might soon breach its ATH mark of $1.48.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
