Ondo Finance (ONDO) is approaching a key resistance zone, with traders awaiting bearish confirmation for the ONDO price before considering short positions. Meanwhile, Ondo Perps has seen strong trading activity during its public beta, highlighting growing adoption and strengthening its position in the expanding decentralized derivatives market.
At the time of writing, ONDO is trading at $0.3182 with a 24-hour trading volume of $64.95 million and a market capitalization of $1.55 billion. Following the 2.82% gain over the last 24 hours, the ONDO price structure and perps trading activity point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: ONDO Captures Over Half of BNB Chain’s Massive $5 Billion Tokenized Stock Volume
ONDO Price Nears Make-or-Break Resistance Level
According to the crypto analyst Umair Orakzai, the ONDO price is approaching a very important technical resistance level called the yellow rejection zone. However, the ONDO price is showing signs of caution.
It should be mentioned that the current technical setup is considered to be valid if the ONDO price stays above the support level at $0.2850. In case the ONDO price breaks down below the specified level, the current bearish outlook will be violated.
Source: Umair Orakzai’s X Post
Traders will look for confirmation of bearish bias to initiate short trades when the ONDO price breaks into the area of resistance.
Confirmation could be seen in a bearish close on the candlestick formation or a change in the market structure at a lower time frame. Analysts point out that the more reliable the signal, the higher is the chance of success in the trade.
Ondo Perps Crosses $1.5B in Beta Trading Activity
The data from MSB Intel further highlighted that Ondo Perps is trading past the mark of $1.5 billion even while still running in public beta, which is an indication of a big milestone that is about to be reached before the official launch of the project.
The milestone is indicative of successful early adoption, with traders showing increasing interest in the system.
Source: MSB Intel’s X Post
This is a milestone that marks the increasing interest in derivatives that trade via blockchain technology in view of the expansion of the decentralized finance (DeFi) space.
Achieving this impressive milestone places Ondo Perps at a good position when considering that it can be taken as a serious and credible competitor in the DeFi derivatives market space.
Following the Ondo perps’ rising activity and changing conditions in the crypto market, the ONDO price has responded well and surged 2.82%. This is because the BTC price has surged slightly, which has impacted the overall market, including altcoins.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: ONDO Price Prediction: Breakout Could Trigger Rally Toward $0.325
