The price of ONDO token shows signs of recovery after a recent dip to $0.95. Let's explore current trends and factors influencing the market.
Current Trends in ONDO Market
Following a failed breakout attempt on July 22, when the price peaked at $1.17, the market has shown renewed activity. The price remains above both the 20-day EMA and the 50-day SMA, indicating a stable bullish trend.
Factors Affecting ONDO Price
One key factor has been the ETF registration filing by 21Shares with the SEC for the launch of the 21Shares Ondo Trust. This event is seen as a step towards creating a spot ETF for ONDO. Additionally, network activity has surged, with the number of new ONDO addresses quadrupling in the past week.
Technical Analysis of ONDO
Technical analysis suggests that ONDO is poised for another breakout attempt. The RSI has reset to 61, indicating bullish momentum. A daily close above $1.20 would signal potential growth towards the $1.60-$1.70 range.
In conclusion, the increase in ONDO token activity, combined with recent corporate developments, creates a positive market sentiment and the potential for significant growth in the near future.
