Bittime - Ondo Finance (ONDO) token priceis bucking the overall bearish trend of the crypto market! This token just set an all-time high (ATH) at $1.05 on March 31.
Even so, this price increase will likely be followed by a correction, or even a new ATH record, but not necessarily in that order.
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The Unstoppable Increase in ONDO Prices
Ondo prices have continued to rise since its launch in January. Since February 1, the price has surged 433% and reached an ATH of $1.05 on March 31.
This price increase is driven by a consistent upward trend, where the highest and lowest price points continue to increase. In other words, there are no signs of a price drop any time soon.
Also read: Ondo Finance Launches Ondo Global Market, Here's the Explanation
The Secret Behind Price Increases
The main reason behind the rise in Ondo prices is Blackrock, a multi-billion dollar investment company from the United States. Blackrock was previously considered to be the trigger for the Bitcoin price increase after submitting a Bitcoin ETF application in mid-June last year.
This "Blackrock Effect" continued in the Real-World Asset (RWA) category when the investment company announced an Ethereum token-based financial product on March 20.
Interestingly, the price of the Ondo token, which is popular with many people, started to rise on March 20 and triggered a 172% price increase to ATH.
According to analysts, the narrative around RWA is still strong thanks to the “Blackrock effect”, this is one of the main reasons why Ondo prices continue to rise. This price increase also caused the 30-day correlation between Ondo and Bitcoin to fall to 0.34, the lowest figure since February 19.
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Next Ondo Price Prediction
Source: Bittime
On April 23, 2024, ONDO experienced a decrease of 9.64% in the last 24 hours, with the price reaching IDR 12,683 or around $0.78 . These fluctuations reflect the potential profits that can be achieved, but also remind of the risks associated with market volatility.
Also read: Ondo Finance (ONDO) Soars 60% in a Month: Time to Buy or Sell?
To predict Ondo's next price movement, we need to pay attention to several factors:
- Horizontal support levels: $0.633, $0.433, $0.282, and $0.214.
- Sloping trend line: connects three important swing points, being an approximate uptrend and support level.
- Sideways price movement: between $0.693 and $0.977 for approximately a month. This movement could signal a continuation of the price increase or a minor correction.
Small corrections are actually normal, especially for tokens whose price increases are not only driven by hype, FOMO (fear of missing out) and speculation. Corrections serve to eliminate short-term investors who bought at high prices and long-term investors who have not yet entered the market.
After a correction, experienced investors (smart money) will usually step in and buy large amounts of tokens before the price rises again.
Similar events occurred with Bitcoin prices on March 11, 2023, August 14, 2023, and January 22, 2023. For Ondo, the last correction occurred on March 19.
Even though the price drop on April 12 has reduced liquidity, it is likely that Ondo will experience a correction or another price drop.
So, there are two possibilities for the next Ondo price: a correction below $0.633 followed by a price increase to a new ATH, or a new ATH followed by a correction below $0.633. Considering that the price drop on April 12 has driven away some short-term investors, there is a possibility that prices will rise first before a correction.
The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are currently at the midpoint, indicating a battle between buyers (bulls) and sellers (bears).
Data from Santiment shows the 7-day Market Value to Realized Value (MVRV) ratio is close to zero. However, the 30-day MVRV is around -9.39%, meaning the average loss for investors who bought Ondo in the last month was 9.39%.
A positive MVRV value indicates unrealized profit potential and could be a selling pressure. On the other hand, a negative MVRV value indicates that short-term investors are losing money and the selling pressure is likely to be absorbed by experienced investors (smart money).
According to IntoTheBlock's In/Out of the Money Around Price (IOMAP) model, the next tough hurdle is in the $0.885 to $0.862 range. In this area, approximately 2,300 addresses purchased nearly 365 million Ondo tokens at an average price of $0.875. If it successfully passes this area, the price of Ondo is likely to rise smoothly.
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Continued Ondo Price Prediction
On the other hand, around 1,900 addresses purchased 301 million Ondo tokens at a price range of $0.767 to $0.743. The average purchase price of these “In the Money” investors is approximately $0.759. If the price of Ondo falls lower, these investors can buy more tokens to reduce selling pressure and act as a support level.
Bullish Outlook with Potential Correction
Although the bullish outlook for Ondo price looks promising, a correction is still possible. Although Ondo's correlation with Bitcoin is low, a major sell-off in the Bitcoin market could override the positive outlook and negatively impact Ondo.
In this situation, this RWA token could not only fall below $0.633, but it could also plummet 31% lower and retest the $0.433 support level.
Conclusion
Ondo price shows a strong uptrend with the potential to reach a new ATH in the future. However, investors need to be careful of the possibility of a correction, especially if there is a massive sell-off in the Bitcoin market. It is important to always do your own research before investing and consider the risk factors involved.
How to Buy Ondo Finance (ONDO) on Bittime
You can buy and sell Ondo Finance (ONDO) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ondo Finance (ONDO) is available on Bittime with the ONDO/IDR market pair. To be able to buy ONDO IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ondo Finance (ONDO) on Bittime.
Monitor the price chart movements of Ondo Finance (ONDO), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ondo Finance (ONDO) Price Prediction, Will It Rise? Check out the analysis here
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ONDO Against the Current: Can it Go to $1?
ONDO Prices Increase 30% in One Day, What's the Cause?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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