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ONDO’s price has risen by double digits in the last week, while BNB’s value has dropped.
ONDO is well primed to continue on its uptrend, while BNB remains at the mercy of the bears.
As a researcher with experience in analyzing cryptocurrency markets, I’ve been closely monitoring ONDO and Binance Coin (BNB) over the past week. Based on my findings, I believe ONDO is poised for more gains while BNB remains vulnerable to further losses.
ONDO, the governance token for the Ondo DAO, has outperformed Binance Coin [BNB] in the last week.
During the specified timeframe, ONDO’s price experienced a significant increase of more than 20%, while BNB‘s price underwent a minor decrease of approximately 1% based on CoinMarketCap data.
ONDO is on course for more gains
As of the moment this press release was published, ONDO was being traded for $0.99. The significant surge of over 10% in the last week caused the price to surpass the notable resistance point of $0.95.
The price hike is due to an uptick in the demand for the altcoin during the period under review.
Based on Santiment’s findings, there was a 101% rise in the daily count of unique crypto wallets executing ONDO transactions over the past week.
On the 17th of May, 1843, a total of 18,430 unique cryptocurrency wallets engaged in trading the altcoin, representing the coin’s greatest number of daily transactions since the 24th of April.
Similar to ONDO, there has been a significant surge in demand as indicated by on-chain analytics. The creation of new addresses for ONDO trading has grown by 86% within the last week.
As an analyst, I’ve observed a significant surge in demand for ONDO. This increase can be attributed to the lucrative nature of deals involving this altcoin throughout the specified timeframe.
Based on an analysis using a 7-day moving average, AMBCrypto determined that the token’s daily transaction volume in profits outpaced losses by a factor of 3.31.
For each ONDO transaction leading to a loss over the past week, there were at least 3.31 profitable transactions on a daily basis.
As an analyst examining ONDO’s price chart currently, I observe that the altcoin has managed to trade above a significant resistance level. This observation implies that ONDO may continue its upward trend in the immediate future.
The RSI of this asset was calculated to be 68.68, indicating that purchasing activity was still robust. Additionally, the Parabolic SAR marker points on the chart were situated below ONDO’s current price level.
this metric serves to signal probable trends and turning points. When its dashed lines lie beneath a financial asset’s value, the market is considered to be experiencing an upward trend.
It often suggests that the rising price of the asset may continue its uptrend.
BNB may take more losses
At present, the price of BNB hovered near the bottom boundary of its symmetrical triangle chart configuration. This boundary has served as a significant support zone for the altcoin since March 7th.
As a MACD indicator analyst, I’ve observed that the reading from this technical tool indicates a rising bearish momentum for the coin’s price trend.
Read ONDO’s Price Prediction 2024-25
BNB remains at risk of falling below support and exchanging hands at $538, then $505.
If the current projection proves incorrect and purchasing interest intensifies, the coin’s value could surge to reach around $591.
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2024-05-18 19:04