- 1 Ondo Finance (ONDO) has maintained a bullish trajectory on the daily chart.
- 2 When writing, the cryptocurrency has seen a notable rise in its CoinMarketCap ranking, reaching the 54th position.
The ONDO is a decentralized finance (DeFi) project that offers risk-isolated and fixed-yield loans backed by yield-generating crypto assets. Coinbase has backed its ONDO token, which is a part of the Ethereum ecosystem. Also, ONDO facilitates the creation of ONDO vaults, where lenders and borrowers contribute capital and act as liquidity providers.
How Has BTC Impacted the Ondo Finance Price?
Over the daily chart, Ondo Finance has been riding an upward trendline and registering new peaks each time it has taken support from the trendline. Since this week, the price has dipped by 12.71% due to a shift in market sentiment indicators, which portrays bearishness, as Bitcoin (BTC) was down.
However, the last two days’ candle formation signifies that bulls are attempting to regain ground.
A profile handle “Not Telling” on X pointed out that ONDO has rapidly climbed the CoinMarketCap (CMC) rankings, reaching its highest-ever ranking at 54th regarding its market capitalization. The profile also expressed optimism that ONDO could continue to grow in MC and become one of the top 10 on CMC.
— Not Telling (@nottellingyou73) June 11, 2024
Furthermore, the price has traded at $1.28 at press time with an intraday surge of +1.28%. ONDO crypto optimized by 4.55% in market value and surged by 22.84% in trading volume in the last 24 hours, as per CoinMarketCap.
Its market value is $1.755 Billion, and its trading volume is $305.465 Million. There are 1.389 billion ONDO in circulation. The market holds considerably good liquidity in the ONDO market as the volume to market cap (24H) stands at 18.05%.
ONDO Price Forecast and Indicator Review!
Ondo Finance (ONDO) has been charting a bullish course, adhering to an upward trendline. The Fibonacci retracement levels paint a picture of resilience and growth, with the price notably leaping from the 0.786 Fibo level on March 19th to the 0.382 level by March 31st.
Despite a period of gains that couldn’t be sustained, ONDO entered a consolidation phase, fluctuating within the 0.382 and 0.618 Fibo levels.
This equilibrium phase was followed by a return to the upward trendline on May 15th. By June 4th, the price had achieved a significant milestone, hitting the $1.45 mark, having successfully breached the 0.382 and 0.236 Fibo levels.
Conversely, if ONDO’s price bounces back from the 0.236 level, it could set course to potentially set a new all-time high (ATH), surpassing the $1.45 resistance.
Therefore, resistances are $1.45 and $2.00, and supports are $0.975 and $0.826.
Summary
Ondo Finance (ONDO) has maintained a bullish trajectory on the daily chart, consistently finding support along an upward trendline. The cryptocurrency has seen a notable rise in its CoinMarketCap ranking, reaching 54th place.
At press time, the market cap is currently $1.755 billion, and the trading volume has reached $305.465 million, indicating strong liquidity with a volume-to-market cap ratio of 18.05%.
Technically, ONDO has been adhering to Fibonacci retracement levels. Presently, ONDO is finding support at the 0.236 level, with potential resistance at $1.45 and $2.00 and support at $0.975 and $0.826.
The future trajectory will depend on whether it can maintain support above the 0.236 level, which could lead to new highs. At the same time, if it falls below, it could result in a retracement towards the 0.382 and 0.5 levels.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
