{"id":281982,"date":"2024-04-12T13:53:23","date_gmt":"2024-04-12T08:23:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/ondo-ondo-price-eyes-rally-to-1-37-whats-behind-the-surge-crypto-news\/"},"modified":"2024-04-12T13:53:26","modified_gmt":"2024-04-12T08:23:26","slug":"ondo-ondo-price-eyes-rally-to-1-37-whats-behind-the-surge-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ondo-ondo-price-eyes-rally-to-1-37-whats-behind-the-surge-crypto-news\/","title":{"rendered":"Ondo (ONDO) Price Eyes Rally to $1.37, What\u2019s Behind the Surge? – Crypto News"},"content":{"rendered":"

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ONDO, the native cryptocurrency of Ondo DAO, has been making strong moves in the crypto space. The ONDO price has regained momentum once again gaining 8% over the last week and currently trading at $0.82. Some market analysts are expecting this rally to continue with a potential of 50-60% gains going ahead.<\/p>\n

What\u2019s Behind the ONDO Price Rally?<\/h3>\n

On Thursday, April 11, USDC stablecoin issuer Circle introduced<\/a> a new smart contracts function allowing instant redemptions from the newly launched BlackRock BUIDL fund for USDC stablecoins. Ondo Finance\u2019s tokenized asset platform was quick to test the near-instant conversions between USDC and BUIDL.<\/p>\n

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The world\u2019s largest asset manager BlackRock made headlines last month while dipping its toes into the asset tokenization market and launching its own BlackRock USD Institutional Digital Liquidity Fund<\/a> (BUIDL).<\/p>\n

The investment in the fund is symbolized by the Ethereum-based BUIDL token, offering daily yields distributed to token holders through blockchain channels. Ondo Finance was among the first supporters of the fund, employing it as a collateral asset for its OUSG token.<\/p>\n

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According to data<\/a> from Lunacrush, an Ondo wallet on the Ethereum blockchain recently exchanged $250,000 worth of BUIDL tokens for USDC.<\/p>\n

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CEO of Ondo Finance, Nathan Allman, explained, \u201cWe are utilizing it to facilitate immediate 24\/7\/365 redemptions of OUSG into USDC.\u201d OUSG denotes the Ondo Short-Term U.S. Government Treasuries token, which is backed by securities issued by the U.S. government.<\/p>\n

ONDO Price Rally to Continue Till $1.37<\/h3>\n

Ondo\u2019s price has been consolidating just below the $0.8276 support level since the beginning of the month. If the overall market displays strength, ONDO might overcome this barrier and turn it into support. Such a scenario could potentially result in substantial gains for ONDO holders, possibly reaching the psychologically significant level of $1.0000. This would represent a 20% increase from the current levels.<\/p>\n

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The significance of $0.8276 lies in its status as a previous high that was later converted into support. As of now, the ONDO price is once again trading pretty close to this resistance. A breakout above this could lead to a price rally to $1.0.<\/p>\n

According to crypto analyst Decilizer<\/a>, ONDO has validated support at $0.75 and is now progressing toward our next target of $1.37, contingent upon Bitcoin maintaining its bullish momentum.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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