- ONDO hiked by more than 5% over the last 24 hours
- Buying pressure rose on the charts too
Despite the crypto market’s downturn, ONDO distinguished itself with a daily chart in the green, while many other cryptocurrencies experienced losses. Even more noteworthy, ONDO surpassed Ethereum [ETH] in social media buzz. Let’s delve deeper into ONDO to understand its current dynamics.
ONDO bulls are standing strong
Despite a market-wide cryptocurrency downturn causing red daily charts for most coins on CoinMarketCap, ONDO bucked the trend and experienced an increase of over 5% within the past 24 hours.
Currently, the cryptocurrency ONDO was priced at $0.8269 during my writing, and its market value surpassed $1.14 billion, ranking it as the 77th largest crypto. The bullish trend in the market boosted investors’ trust in this token, which was reflected in ONDO’s heightened sentiment score. Remarkably, this surge outpaced Ethereum in terms of sentiment improvement.
Recently, LunarCrush posted a tweet bringing attention to ONDO’s increasing popularity on social media. According to their update, ONDO’s social engagements jumped by an impressive 117.4%.
An explanation for the recent surge in ONDO’s popularity could stem from BlackRock. Following the unveiling of Circle’s USDC stablecoin and BlackRock’s new BUIDL token, enabling swift conversions between them, ONDO experienced a rise in social buzz and value. But, will the excitement surrounding this event be sufficient to sustain ONDO’s bull market?
What to expect from ONDO
To get an idea of ONDO’s potential direction, AMBCrypto examined Santiment’s data for insight. Our findings reveal that buying interest for the token is growing as the amount of ONDO available on exchanges decreases. Conversely, the quantity held by investors off exchanges has risen, suggesting they are actively accumulating more.
On the other hand, the amount of cryptocurrency kept by leading wallets decreased slightly, potentially signaling that some large investors may have disposed of their assets. Additionally, the MVRV (Market Value to Realized Value) ratio appeared concerning, as it dropped significantly in recent days.
An alternate expression could be: Furthermore, some technical signals gave pessimistic readings. For example, the Chaikin Money Flow (CMF) displayed a decline, suggesting that a price reversal may occur soon.
Using the MACD, the market showed a strong bearish signal. However, the RSI for ONDO indicated an upward trend, suggesting it may continue to rise.
Read ONDO’s Price Prediction 2024-25
After examining Hyblock Capital’s data, we identified potential price points for the token to reach during an extended bull market.
At $0.87, the token could encounter opposition. Overcoming this hurdle might lead the token to hit $1 within the upcoming few weeks.
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2024-04-13 19:35