- ONDO has a firm bullish bias on the H4 timeframe.
- News developments showed the token is gaining traction among investors.
Ondo [ONDO] stood at a market capitalization of $1.33 billion at press time. The token continued to rally as Bitcoin [BTC] bulls found some strength to force an 8% move upward in the past three days.
AMBCrypto reported that this price surge might have come from BlackRock’s focus on tokenization.
Therefore, ONDO could be warming up, readying to make even greater gains in the coming weeks and months.
The bullish structure break was followed by emphatic gains
Source: ONDO/USDT on TradingView
ONDO surged from $0.385 to $0.826 in two days, posting gains of 92%. This also flipped the market structure convincingly to the bullish side.
Additionally, the OBV formed a local high on the 21st of March.
The 4-hour RSI also reached overbought territory. Together, these factors signaled further gains were likely. The Fibonacci retracement levels plotted based on the 21st’s high were not visited.
Bullish fervor was so strong that ONDO made a new local high and continued to rocket skyward. At this rate, the $1.09 and $1.268 are the next targets to take-profits at.
The OBV made a new high to underline firm demand.
Aggregated funding rates dropped lower
Source: Coinalyze
As the price trended higher, so too did the Open Interest. This showed speculators were convinced of ONDO’s bullish prospects and were willing to bet on it.
The spot CVD also trended higher, reflecting demand in the spot markets.
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While the prices shot higher, the Funding Rate dropped toward 0. This indicated that a potential short squeeze was imminent.
This could see prices shoot higher to liquidate early, overeager bears who (wrongly) believed the local top was in.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
