Key Resistance Levels to Watch in Price Discovery Mode – Crypto News – Crypto News
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Ondo Price Approaching Its All-Time High; Buy, Sell, Hodl? Ondo Price Approaching Its All-Time High; Buy, Sell, Hodl?

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Key Resistance Levels to Watch in Price Discovery Mode – Crypto News

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ONDO Coin Analysis: Ondo Finance coin has emerged as the top trending token in the cryptocurrency market, boasting a remarkable 75% increase over the past 11 days. Defying the current market uncertainty, the ONDO rode a high momentum rally and hit a new high of $1.3 today. Will this recovery be prolonged or will the sluggish price action in approval spark a fresh correction?

Also Read: Bitcoin Price Hits $69,000; Will It Break $75,000 Soon?

ONDO Coin Shows Strong Momentum as Trader Activity Increases

KUCOIN:ONDOUSDT Chart
ONDO Price Analysis| Tradingview

Since late March 2024, the ONDO coin majorly traded sideways resonating within two horizontal levels of $1.042 and $0.69. The altcoin rebounded several times from this from Support/Resistance indicating market uncertain and narrow range formation.

However, the ONDO picked up momentum in mid-May amid the broader market recovery and witnessed even aggressive buying pressure along Ethereum as US Sec approved spot ETH ETF.

On May 23rd, the ONDO price showed a decisive breakout from the range’s overhead resistance of $1.042, signaling the continuation of the prevailing uptrend. With an intraday gain of 4%, this altcoin currently trades at $1.28 and shows no sign of weakness yet. 

According to a recent analysis by crypto analytics firm Santiment, the recent surge in interest and value in the ONDO coin is underscored by significant network growth and heightened trader activity.

Santiment’s data reveals a substantial rise in the number of non-empty ONDO wallets. On February 26th, 5,110 non-empty wallets were holding ONDO. By May 26th, this number had soared to 33,225, marking an impressive 550% increase in just three months. This rapid growth in wallet numbers highlights the growing interest and adoption of the ONDO token within the crypto community.

As the altcoin enters a price discovery mode, the traditional pivot level indicates potential overhead resistance at $1.31, followed by $1.55.

Technical Indicator 

  • Pivot Levels: The traditional pivot levels show the recently breached $1.042 can act as suitable flipped support in case the price retest
  • Average Directional Index: An uptick in the daily ADX slope at 25% accentuates the current rally is far from exhaustion.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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