- Ondo gains 15.43% in a week as traders focus on the $1.15 resistance, which could trigger a 70% rally
- Trading volume is up 56.87% to $1.06B; open interest and funding rate support a bullish outlook.
- RSI near 68 and MACD crossover confirm strong upward momentum amid rising market interest.
As of press time, Ondo (ONDO) is trading at $1.04 and has risen by 2.13% in the last 24 hours. The token has demonstrated remarkable growth. Over the past 7 days, the Ondo coin price has increased by 15.43%. Daily trading volume decreased by a small margin of 2.17% as it currently stands at $3.27 billion despite the price surge.
Source: CoinMarketCap
Derivatives Data Backs ONDO’s Bullish Setup
Crypto analyst Ali Martinez highlighted the significance of the level of $1.15. He noted that ONDO breaking through this resistance on confirmation would launch a rally of up to 70%. This range has now become a technical resistance and a break to the upside would be an indication of a major trend continuation.
Source: X
CoinGlass data indicate that the interest in ONDO is rapidly growing in the market. The volume of trading increased by 56.87% to $1.06 billion and open interest grew by 1.77% to $486.05 million. The OI-weighted funding rate indicates 0.0158%, indicating that long positions are taking over the derivatives market.
Source: CoinGlass
Also Read: Ondo Price Builds Strength, Could Rally Toward $0.880
MACD Signals Strong Momentum
The Relative Strength Index (RSI) is at 67.70. This level is also close to the overbought zone, but the overbought still puts this level as having intense buying pressure. RSI has remained above 50 since the beginning of July, and it supports the bullish energy. A short-range pull-back may happen in case of crossing RSI 70, but the overall sentiment is good.
The MACD indicator also supports the prevailing strength of the trend. MACD line stands at 0.0670 and it has already crossed the signal line of 0.0499. This bullish divergence between the two lines shows the quickening positive momentum, which is evidenced by the increasing green histogram bars.
Source: TradingView
Ondo Breaks Key Resistance
Analyst Dark Knight mentioned that the Average Directional Index (ADX) of ONDO is rising at a fast rate, indicating strengthening trends. He continued that the volume is solid and the broader market sentiments are turning positive, which sets a clear direction for the token to reach a new high in the near future.
ONDO has surpassed the resistance zone of $0.90. The token has rallied above its 200-day simple moving average. Such cross-over is commonly seen as a powerful bullish indicator, and in many cases, it signals the start of an extended price rally.
Source: X
ONDO took several weeks to consolidate in a sideways range. This latest breakout and its positive technical numbers indicate that market trends are changing. Considering the increased attention to real-world asset (RWA) tokens, it seems that the token can experience new developments once it surpasses the $1.15 threshold.
Also Read: ONDO Token Eyes $1.10 Milestone After Bullish Breakout and Weekly Gains
