Ondo Finance (ONDO) is on a steady recovery trajectory after being under a long-term declining trend. At the time of writing, the ONDO token is trading at $0.3154. This marks an upward movement of 1.23% over the last 24 hours. Although this might appear insignificant, it is indeed a reversal from the downtrend that ONDO has been experiencing.
Source: CoinMarketCap
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Ondo Finance (ONDO) Demand Zone Signals Upside Move
According to an analysis pointed out by Crypto Patel, although ONDO is technically set up well, it remains undervalued, and this could give it some decent gains in the future. According to the report, ONDO has lost almost 85 percent from its all-time high of $2.15.
The steep decline in price puts ONDO within a “discount zone” as most people try to buy popular coins. The coin has gained about 38% since its previous listing, showing that early adopters are already seeing gains on their investment.
Source: Crypto Patel’s X Post
On a technical basis, signals are lining up. The demand zone ranges between $0.19-$0.24, with higher time frame support being above $0.170.
Signals can come from the combination of Fibonacci levels, while there is a price structure showing an accumulation pattern per Wyckoff. It is crucial to monitor the level of $0.47.
Yet, the configuration remains speculative, and anything that goes under $0.171 would negate this forecast. In the event of buyers taking charge, there might be a trajectory that ends up hitting $1 and then attempts to test its previous all-time high around $2, with the possibility of moving towards $5 in an extended phase. This prediction is based on the increasing RWA demand for ONDO.
ONDO Derivatives Signal Cautious Bullishness
Regarding derivatives trading, there has been an increase in volume. The trading volume has been reported at $525.94 million, which is an increase of 8.77%. The open interest has been recorded at $152.83 million, an increase of 0.77%.
Source: Coinglass
Meanwhile, the OI-weighted rate is 0.0065%, suggesting a fairly neutral perspective with a lean on the bullish side. The overall trend suggests that there exists a careful approach being taken by the market as it positions itself without taking too much risk.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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