The ONDO token is once again garnering attention in the cryptocurrency market due to its technical indicators and growing investor interest.
Technical Signals Point to a Breakout Opportunity
Market expert Ali has highlighted a key technical setup that could lead to significant price action. ONDO is showing signs of breaking out of an ascending channel that has defined its trading range since January 2024. The recent rebound near the $0.60–$0.65 area, following weeks of consolidation, indicates a potential momentum reversal. Ali notes this as a critical point, suggesting that if support holds, ONDO could reach the $0.29 level.
On-Chain Metrics Reinforce Bullish Sentiment
According to the latest data from CoinMarketCap, ONDO has shown moderate upward momentum, trading at $0.7482 with a 1.68% increase over the day. Despite a 23.95% decline in trading volume, the token's market cap has risen to $2.36 billion, indicating a recovery of investor confidence. With a circulating supply of 3.15 billion ONDO and a TVL of $1.39 billion, user activity remains strong.
Conclusion and Outlook for ONDO
ONDO presents promising technical and fundamental data and an increasing number of holders, making it one of the notable players in the DeFi sector. The engagement from traders and investors in this cryptocurrency continues to rise, and further growth is anticipated if key support levels are maintained.
Overall, ONDO's current position is promising, with potential for further growth if current technical and fundamental conditions persist.
