Will ONDO’s mid-range retest give bulls a chance to target $0.295?
Coinalyze data showed that an upward push could continue, despite recent losses.
Ondo [ONDO] saw some bullish developments lately. AMBCrypto reported its partnership with Franklin Templeton, but also how the news development had no impact on the price trends.
It is possible that the rapidly growing RWA sector, combined with more encouraging market conditions, could take ONDO prices and the demand for the platform’s services much higher.
As things stand, the token’s trend was bearish in the long-term. The weekly chart showed that the intense sell-off from October had slowed down in February.
In the past six weeks, the price has been consolidating within a tight range. An extended consolidation of this type would be good news for long-term ONDO investors. This kind of bear-market consolidation is necessary preparation for the next bull run.
Until then, traders need to watch out for short-term price swings and capitalize on the opportunities when they arrive.
Where are the opportunities for ONDO traders now?
Coinalyze data showed that an upward push could continue, despite the losses faced on Friday, the 27th of March. The Open Interest has been trending higher over the past week, as has the spot CVD.
This showed speculative and spot demand for ONDO, and the funding rate remained positive. The demand could see another move toward the $0.295 local highs.
The range formation reached from $0.237 to $0.295, and ONDO was trading near the mid-point at $0.266. The OBV was trending higher in recent days, but the CMF remained stubbornly below the 0 mark.
Meanwhile, the RSI remained above neutral 50 at press time. The volume indicator conflict was slightly in favor of the bulls, but the CMF warned that the buying pressure came in bursts and was not sustained.
In other words, a move toward the range highs resulted in intense profit-taking. Therefore, Ondo buyers at current market prices should be careful. A move toward $0.295 can be used to sell, and a retest of the $0.23-$0.24 would be a buy signal.
Final Summary
- Bullish news has not been enough to sustain an Ondo token price movement toward and beyond $0.30.
- A rally toward the range highs saw profit-taking pressure halt the move, entrenching the established range formation.
