The cryptocurrency ONDO, also known as Ondo (ONDO), has recently undergone a remarkable surge in its price, achieving its highest recorded value following a period of bullish momentum in the last 24 hours. With an increase of over 10%, ONDO now ranks as the second top gainer on the daily list compiled by CoinMarketCap.

ONDO's Price Movement

The price surge of ONDO was triggered after establishing a strong support level at $1.22 within the past day. This recent upswing is consistent with a broader trend witnessed over the preceding month. Starting from a low of $0.7369, the price of ONDO has surged by a notable 74%.

As of the current moment, ONDO is persistently trading at its peak value of $1.40687. This upsurge reflects a growth of 10.46% from its support level and marks an impressive 1520% rise from the all-time low noted four months ago on January 18.

Market Impact

The recent price hike has had a positive influence on ONDO's market capitalization and its 24-hour trading volume. The market cap increased by 9.50% to reach $1.9 billion, while the trading volume surged by 23.15%, surpassing $280 million.

Essential Points for Investors

• The derivative market volume for ONDO ascended by 9.47%, reaching $377.47 million.
• Open interest witnessed a rise of 10.26%, amounting to $250.07 million.
• Bollinger bands highlight significant volatility, with the middle and lower bands positioned at $1.40, $1.04, and $0.68838, respectively.
• The Relative Strength Index (RSI) currently stands at 74, indicating an overbought market condition that may prompt investors to consider profit-taking actions and trigger a potential price adjustment.
• The Chaikin Money Flow (CMF) stands at 0.19, denoting favorable liquidity and sustained market participation.

Despite the perceived overbought state, the market sentiment surrounding ONDO remains positive as it continues to attract liquidity, as evidenced by the positive CMF. Nevertheless, interested parties should exercise caution regarding possible profit-taking endeavors that could lead to price consolidation.

This comprehensive analysis was initially featured on BH NEWS.