- 21Shares has filed with the SEC to launch an ETF based on Ondo’s token.
- ONDO has surged 20% over the past week, with strong technical signals.
- Indicators suggest further gains are ahead, although a short-term dip is possible.
21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded product (ETP) that tracks ONDO, the native token of Ondo Finance. This move could make Ondo more accessible to traditional investors looking to enter the real-world asset space through crypto.
Ondo Finance focuses on integrating traditional financial assets, such as U.S. Treasury bonds and money market funds, into the blockchain world. With tokenized products gaining interest, Ondo’s positioning in the decentralized finance space has started to draw attention.
There’s also a political angle involved. The World Liberty Financial DeFi project, which has ties to Donald Trump, has bought around $500,000 worth of the tokens. This investment supports a multi-asset treasury and highlights the growing link between financial innovation and political spheres.
Also Read: $1.4B Tokenization Giant Ondo Finance Acquires Oasis Pro for U.S. Expansion
ONDO Chart Signals Strong Momentum
As of July 23, the token is trading at $1.1188, up 3% in the last 24 hours, and it caps a strong seven-day stretch with a 20% rise. Having spent a great deal of time ranging between $0.50 and $0.70, the token broke out over its 200-day EMA in early July, which initiated the steady ascent we see today.
The token is now trading above all major EMAs, 20, 50, 100, and 200, which are all pointing upward. The 20-day EMA is around $0.96, while the 200-day is closer to $0.93. This pattern confirms strong upward momentum but also suggests the price might be stretched in the short term.
The bullish trend is also endorsed by the MACD. The MACD line is at roughly 0.079 and the signal line at 0.057. The histogram is still positive and rising, indicating purchasing interest remains bullish. Both lines are nonetheless quite high, suggesting the token may soon reach overbought conditions.
Price Levels to Watch for ONDO
Support levels for the token are clearly defined. The first important level is at $1.00, which is a psychological level and was previously resistance. Below it, the zone in the area between $0.93 and $0.96, where numerous moving averages are concentrated, may hold more support in case prices drop.
In the near term, the token could target the $1.20 to $1.25 area, which would provide the next level of resistance. Momentum permitting, it may even retrace back to earlier highs in the area of $1.40 experienced earlier this year.
The near term remains bullish, but with prices stretched out above major averages, some correction back towards $1.00 or a bit lower would not surprise.
Also Read: Ondo Price Nears $1.15 Breakout: Is a 70% Rally Imminent?
