Bittime – The latest Ondo Finance analysis from Cilinix Crypto! I hope you are all well. In this video, we will provide daily updates on Ondo, which has recently been one of the strongest performers in the entire crypto space.
Ondo Price Movement End of May 2024
Yesterday, we saw a slight sharp decline from the key resistance level at $1.25 (approximately IDR 20,000.00) . However, throughout the evening, we managed to break through that level, continuing Ondo's impressive form.
If you look back at the last few days, you will see that Ondo has become the strongest coin among the most traded cryptos.
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Analyst Views and Ondo Momentum
Personally, Analyst owns quite a lot of Ondo, so seeing this performance is amazing. With Ondo breaking above $1.25 (around IDR 20,000.00) and maintaining that level, we remain technically bullish (in an uptrend). However, the question arises: how long can this momentum continue?
In the last 11 days, Ondo has surged by 80% , which is a significant gain.
Currently, we are still gaining momentum, with some decent spot buying coming in since last night. Ondo remains bullish, but we need to be careful as this rally will eventually end.
The market itself still appears bullish despite Bitcoin's recent red candle, despite very low volume.
5 Reasons Why Ondo Finance ($ONDO) Price Is Currently Soaring
Technical Analysis and Trading Strategy
Ondo's trading volume has been great so far, but is currently declining. Considering that Ondo is still reacting to Bitcoin's movements, we need to consider a potential bearish (in a downtrend) scenario. While the trend is bullish, it is important to be aware of the narratives driving Ondo's performance, such as the significance of Ethereum ETFs for crypto real assets (RWA). This narrative has also supported other cryptos such as Token and POX.
Ondo (ONDO) Price Prediction This Week (22 - 28 May 2024)
Ondo Support and Resistance Analysis
Looking at the current price, we have resistance at $1.32 (around Rp. 21,120.00) and major support between $1.2 (around Rp. 19,200.00) and $1.25 (around Rp. 20,000.00) . It is likely that after reaching this support, Ondo will regain momentum and break above $1.32 (around IDR 21,120.00) and $1.35 (around IDR 21,600.00) , targeting the key psychological area around $1.45 (around IDR 23,200, 00) to $1.5 (around IDR 24,000.00) .
Ondo Consolidation and Breakout Last Week
When dealing with a rallying cryptocurrency like Ondo, the best strategy is to consider prices in the “box” between resistance and stronger support. Wait for a breakout of this range to confirm the next move.
For example, at the end of last week, we saw a consolidation between $1.15 (around Rp. 18,400.00) and $1.05 (around Rp. 16,800.00) . Waiting for a breakout above $1.15 (around Rp. 18,400.00) leads to a sustained upward move.
Also read Ondo Finance (ONDO) Price Prediction, Will it Rise? Check out the analysis here
Conclusion and Risk Management in Ondo Purchasing
Currently, the main box is between $1.32 (approx. Rp. 21,120.00) and $1.2 (approx. Rp. 19,200.00) . If Bitcoin becomes very bearish in the next 24 to 36 hours, a bearish breakout could lead to a significant drop to around $1.05 (around Rp. 16,800.00) . Ondo has experienced similar drops before, so it is important to wait for confirmation. While a bullish breakout above $1.32 (roughly Rs. 21,120.00) seems most likely, keep an eye on Bitcoin, as a bearish move could change the scenario quickly.
How to Buy Ondo (ONDO) on Bittime
You can buy and sell Ondo (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 (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.
Monitor the price chart movements of Ondo (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:
RWA Solana May 2024: A Promising Trio of RWA Solana Cryptos
Ondo Finance (ONDO) Price Prediction 2024 To 2035: Will It Reach $7K?
Ondo Rises Sharply to $1.25?: Ondo Price Prediction Post Ethereum ETF
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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