Ondo has continued its downward trend on January 29, losing 2.38% in the last 24 hours. According to CoinMarketCap, the token is trading at $0.3313. The market capitalization of the token is $1.61 billion, having lost 1.30% of its value from the previous day.
The 24-hour trading volume is $77.54 million, a 28.38% increase from the day before. In the last week, the price of Ondo has decreased by 3.64%.
Price action indicates ongoing selling, but technical indicators suggest that stabilization may be on the way. According to Crypto Analyst CryptoBull_360, the price level of $0.34 has been a level of both support and resistance for the cryptocurrency.
If the price manages to stay above this level, it may be a sign of initial accumulation, while a drop below $0.32 may send Ondo back into its old bearish channel.
Technical Signals Point to Possible Bullish Reversal
Ondo’s price action on the 2-hour chart shows a neat descending channel. The lower highs and lower lows indicate a clear dominance of bearishness in the price, and the volume profile indicates a high volume node at around $0.34 and $0.35. This has been a significant trading area, indicating that these prices are at fair value.
However, after the recent pressure, the token broke through the resistance level of the descending channel, indicating that the momentum of the trend might be losing power. The formation of a higher low occurred at the $0.32-$0.33 level, indicating the first sign of a change in the market trend to bullish.
The current predictions are that the token will rise to $0.46-$0.47, representing an increase of 35% above the current level, but only if the support level is maintained. If it fails to do so, the token might fall to the old bearish range below $0.32.
OndoFinance Launches Tokenized Treasuries on Sei
OndoFinance has announced the availability of tokenized US Treasury Bills on the Sei blockchain, with USDY—a highly trusted treasury-backed digital asset. Traders can now access secure, regulated real-world assets directly on the fast and powerful blockchain network.
This brings together traditional finance and a decentralized backbone that is scalable. Users benefit from trusted and liquid assets, as well as the speed and efficiency provided by the blockchain.
The launch also points to the growth of tokenized assets and the opportunities that investors have for stable digital assets.
Why This Matters
The attention of traders and investors is focused on the early bullish signs as Ondo tests the $0.34 level, which is a sign of a potential reversal in the trend.
The tokenized US Treasuries offered by OndoFinance on the Sei bridge, which connects DeFi and TradFi, are liquid and safe digital assets.
Also Read: Why Ondo’s Price Is Falling While Its RWA TVL Hits Record $2.5B
