As a seasoned researcher with a keen eye for market trends and a knack for spotting hidden gems, I find myself intrigued by the meteoric rise of the ONDO token. The news of Donald Trump’s crypto project, World Liberty Financial, buying a substantial amount of ONDO tokens has undeniably ignited a fire under this asset.
Real-world asset (RWA) token ONDO soared to a new all-time high of $2.14 during Monday’s early Asian session. The rally followed the news that Donald Trump’s crypto project, World Liberty Financial, purchased 134,216 ONDO tokens for 250,000 USDC.
As an analyst, I find myself optimistic about the near-term prospects of the ONDO token. Here’s my take on why:
Ondo Touches New Highs, Thanks to Donald Trump
As reported by Arkham Intelligence, a data analysis platform for blockchain, Donald Trump’s cryptocurrency venture, World Liberty Financial, used 250,000 USD Coin (USDC) to purchase approximately 134,216 ONDO tokens through the Cow Protocol during the early morning hours of Monday in Asia.
The tokens were bought for approximately $1.83 each, causing a temporary increase in ONDO’s value due to the significant purchase. This surge took the RWA-linked token to its highest point ever at $2.14, but it later experienced a minor dip.
Even with a recent dip, ONDO has seen an impressive 17% increase over the last 24 hours, making it the top performer in the market. This price spike has also led to a significant rise in ONDO’s daily trading volume, surging more than 120% during the specified timeframe.
When a rise in trading activity coincides with an asset’s price surge, it signifies robust market engagement and enthusiasm. It implies that the price growth is primarily fueled by genuine demand for the asset rather than speculative forces. This blend suggests the possibility of continued upward trajectory as more investors actively purchase the asset.
The upward trend in ONDO’s On-Balance Volume (OBV) suggests that it is currently experiencing an accumulation phase. At present, its OBV stands at a seven-month peak of 1.74 billion, marking a 3% increase over the last day.
As an analyst, I employ the On-Balance Volume (OBV) indicator to monitor the collective volume of an asset across both rising and falling market days. By adding volume on uptrends and subtracting it on downtrends, this tool helps me gauge the strength of buying and selling pressure. When the OBV ascends during a price surge, I interpret this as a sign that the upward momentum is backed by robust buying interest, implying that the positive trend could persist.
ONDO Price Prediction: There Is Room For More Growth
According to the day-by-day graph, ONDO is trading at around $2.05, just under its record high of $2.14. This notable level of resistance could potentially be overcome with a strong push, sending ONDO’s value to unprecedented heights if it manages to break above this barrier.
If profits once again become a focus for traders, then this optimistic forecast could prove incorrect. In such a case, the value of the ONDO token may lose its recent advances and instead start to fall towards the significant support level of around $1.79.
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2024-12-16 11:46