ONDO’s short-term price targets could be under threat

A U.S whale has begun accumulating ONDO in anticipation of a breakout from a bullish pattern, signaling growing confidence
Technical indicators suggested the market remains bullish, with a strong likelihood of sustained gains in the coming days

As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I find myself intrigued by the recent developments surrounding ONDO. A U.S whale has started amassing ONDO tokens, signaling growing confidence in this asset and potentially setting the stage for a price rally. However, while technical indicators suggest a bullish market with sustained gains in the coming days, I can’t help but wonder if the declining trading volumes might pose a risk.

Over the last 24 hours, ONDO has surged by 13.26% on the charts, pushing its price to $1.80. Traders who bought the asset last week benefited from this rally, with gains now up 1.31% from its previous low.

As ONDO continues to exceed expectations and potentially build on its current growth, reduced trading activity could pose a risk. This decrease might suggest decreasing buyer enthusiasm.

U.S whale accumulates ONDO

Over the past day, a prominent U.S investor has bought a substantial quantity of ONDO, indicating a resurgence of interest in this asset and hinting at a possible increase in its price. This investor seems to be capitalizing on what they perceive as an underpriced situation.

In the given period, a significant transaction involving 1,085,120 ONDO tokens valued at approximately $1.83 million was executed on Coinbase, which is America’s leading cryptocurrency trading platform. This massive purchase was made by what’s known as a “whale” in the crypto world.

As a crypto investor, I always find myself intrigued by significant acquisitions in the market. These deals often spark curiosity amongst fellow retail traders and me, signaling a potential rise in prices. This increased activity can fuel additional demand, suggesting that the market might be heading towards higher valuations.

ONDO targets new high

Regarding pricing, ONDO moved beyond the accumulation region of a bullish flag pattern. Earlier, it had been trading within a specific range while trending downwards. The upward movement started after the asset surpassed the support level of this zone, touched a demand area beneath, and picked up speed following a recent large-scale purchase by a whale investor.

Based on the graph’s analysis, ONDO seems poised to mimic the initial surge of its rally before transitioning into an accumulation phase. This predicted growth might boost the value by approximately 49.63%, taking it up to around $2.44. If this happens, it will establish a fresh record high for the asset.

It appears that the technical indicators supported the positive forecast as the Parabolic SAR showed a series of points beneath the price, indicating robust uptrend and mounting purchasing power.

In a similar fashion, the AROON indicator showed that the 100% orange line surpassed the 37.25% blue line, suggesting strong market demand and a consistent upward trend, implying that the market is thriving.

AMBCrypto noted some issues with ONDO, as its trading activity didn’t match the intensity of the rally, suggesting that there was less involvement from the broader market.

Are buyers losing momentum?

In the past 24 hours, ONDO experienced a 13.26% increase, but unfortunately, its trading activity decreased by 10.75%, resulting in a reduced total trading volume of approximately $620 million.

When prices increase significantly yet the number of transactions remains unchanged or decreases, it could mean that buyers are running out of steam. This imbalance hints that the upward trend might not have solid foundations, making it potentially susceptible to a drop in prices.

To keep ONDO’s rally going strong, it’s crucial for both price increases and higher trading volumes to occur together. If these factors don’t align, the upward trend could weaken.

2024-12-12 10:15

ONDO’s short-term price targets could be under threat – Here’s why

U.S whale accumulates ONDO

ONDO targets new high

Are buyers losing momentum?

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