An influential investor recently moved 5.7 million $ONDO coins to Coinbase, securing a $2.9M gain.
Originally cashing out the tokens for $5.12 million in the past year, the value has now surged to $8.02 million.
This significant price swing prompts the question: does this investor’s move reflect a broader trend for Ondo [ONDO], or is it just a temporary fluctuation before a possible downturn?
ONDO Technical Analysis: Is a Breakout on the Horizon?
ONDO has been consolidating in a symmetrical triangle pattern, suggesting a potential breakout or breakdown. The price is fluctuating between crucial support at $1.23 and resistance at $1.58.
At the moment, the token is trading at $1.34, showing a 0.16% decrease in the last 24 hours.
The Relative Strength Index (RSI) is at 48.89, suggesting neutral momentum with no extreme overbought or oversold conditions. A breach above the resistance level could propel the token to new peaks.
If the breakout fails, a further decline could be expected. Investors should closely monitor these key levels in the upcoming days.
What Insights Can we Derive from In/Out of the Money Data?
Recent on-chain data reveals that 85.63% of $ONDO holders are currently in profit, indicating positive returns for the majority. Additionally, 2.87% of holders are facing losses, while 11.50% are still in the profit zone.
These figures suggest strong support around the current price of $1.34, with most investors enjoying profitable positions. If ONDO maintains its present levels, we might witness sustained buying interest.
However, a shift in market sentiment could exert pressure on the token, especially if it drops below crucial support levels.
Liquidation Heatmap Indicates Critical Levels
The 24-hour liquidation heatmap highlights significant liquidation levels near $1.34 and $1.35. These levels have been consistently targeted by liquidations, indicating strong support or resistance depending on price movement direction.
Should ONDO fall below these levels, it could trigger a series of liquidations, leading to further downward pressure.
Finance’s Strategic Collaboration with WLFI
Ondo Finance recently unveiled a strategic partnership with World Liberty Financial (WLFI) to boost the tokenization of tangible assets.
This alliance will facilitate the assimilation of Ondo’s digitized assets into the WLFI platform, enabling the on-chain usage of reserve assets and conventional financial assets. Nathan Allman, CEO of Ondo Finance, expressed:
“We’re excited to collaborate with World Liberty Financial to introduce the advantages of tokenized real-world assets to their users and network.”
This partnership opens up new opportunities for ONDO holders, potentially enhancing the token’s value and adoption.
Will ONDO Surge or Decline?
Considering the recent investor activity, critical technical levels, and promising partnership, ONDO seems well-positioned for growth.
However, its success will hinge on its ability to surpass resistance levels and maintain positive momentum. With current indicators, the likelihood of a breakout remains significant.