- ONDO hits new ATH at $0.8162 amid whale exercise and market optimism.
- Consideration from BlackRock’s digital asset fund boosts ONDO because it expands tokenization in Asia Pacific.
- Technical indicators recommend that ONDO could also be overbought, suggesting a possible correction.
Ondo Finance’s native token, ONDO, rallied to hit a brand new all-time excessive (ATH) of $0.8162 after discovering help at an intraday low of $0.6931. At press time, the rally was nonetheless in play, with ONDO up 0.21% and exchanging fingers at $0.7209.
Rising curiosity and exercise in whales
The worth rise in ONDO comes amid elevated curiosity from giant traders, “whales,” who’re actively buying and selling giant quantities of the token. Information from cryptocurrency analytics platform Santiment reveals a rise in whale transactions, with these involving ONDO price a minimum of $100,000 rising from 68 to 91 distinctive transactions in 24 hours. This elevated exercise by giant traders is commonly a harbinger of elevated worth volatility and might considerably have an effect on market dynamics.
In parallel with the whale transactions, there was a lower within the provide of ONDO tokens accessible on exchanges. In accordance with Santiment, ONDO’s provide on exchanges decreased from 536.64 million to 529.60 million tokens as of March 18. This development signifies a rising tendency for traders to carry their tokens in anticipation of additional worth development, quite than embarking on quick profit-taking.
Concurrently, the market response to ONDO’s worth motion has been optimistic, making the token one of many prime 100 cryptocurrencies by market capitalization with a complete market capitalization of $1,048,138,273. This rise is a mirrored image of rising investor confidence in Ondo Finance and its tokenized asset providing.
Ondo Finance Enlargement
Ondo Finance has been on the rise, increasing its Actual Asset Tokenization (RWA) companies to the Asia-Pacific area earlier this 12 months. The transfer allowed the platform to faucet right into a rising market and permit worldwide traders entry to US asset courses by way of tokenization. With a reported 40% market share in its area of interest, Ondo Finance is solidifying its place as a key participant within the DeFi house.
As well as, current developments surrounding BlackRock’s software to the BlackRock USD Institutional Digital Liquidity Fund in partnership with Securitize have additionally solid a highlight on RWA tokenization. As Ondo Finance operates on this area, broader market curiosity in tokenized belongings may bode nicely for the continued development of the platform and appreciation of its native token.
ONDO/USD Technical Evaluation
Technical indicators such because the Relative Energy Index (RSI) on the 4-hour worth chart of ONDOUSD (score 81.21) recommend that the token could also be overbought within the short-term, which can result in a drop in worth. This sample could characterize an opportunity for traders to enter a cheaper price level and make the most of the correction earlier than the token continues its upward trajectory.
ONDO/USD 4-hour worth chart (supply: TradingView)
Furthermore, the cash move index (MFI) score of 89.21 will increase the probability of a worth decline. This stage of MFI reveals that the token is now underneath appreciable shopping for strain, which can ultimately result in a worth drop as traders take earnings.
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