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Analysis

ONDO price prediction – Is $1 finally on the cards?

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Bullish fervor was so strong that ONDO made a new local high and continued to rocket skyward.
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ONDO posts 92% gains in 2 days - Time to cross $1?
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  • 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

ONDO 4-hour Chart

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

ONDO Coinalyze

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.

Is your portfolio green? Check the Ondo Profit Calculator

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.

 

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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