According to findings from IntoTheBlock, a reputable on-chain analytics firm, the volume of large transactions associated with Ondo Finance’s [ONDO] has surged by a remarkable 201% within the past 24 hours.
This data has captured the attention of many cryptocurrency enthusiasts, particularly due to the significant increase in large transaction volume following a successful retesting of the breakout level within a weekly timeframe.
Despite the noticeable surge in large transaction volume, it appears that long-term holders are steadily accumulating the token, as indicated by insights from Coinglass.
Spot Inflow/Outflow data has shown that various exchanges have witnessed a substantial outflow of ONDO tokens worth $5.4 million.
In the realm of cryptocurrencies, outflow typically signifies potential accumulation, where assets are transferred from exchanges to wallets, consequently building buying pressure and boosting upward momentum.
ONDO: Insights on Price Predictions
As of the latest update, ONDO is currently undergoing a corrective phase subsequent to a notable 22% surge within the daily timeframe.
Meanwhile, on the weekly scale, the token has effectively retested the breakout level and displayed a bullish Harami candlestick pattern at a critical support level.
Given recent price movements, if ONDO manages to sustain its position above the $1.30 threshold, there exists a solid likelihood for it to surge by 40% and potentially reach the resistance level at $2.13 in the future.
Moreover, ONDO’s Relative Strength Index (RSI) stands at 61 presently, positioning it below the overbought territory, hinting at potential upside momentum.
Key Areas of Liquidation
The token’s major liquidation zones are situated around $1.49 (lower end) and $1.55 (upper end), with reports indicating that intraday traders might be excessively leveraged at these levels, as per Coinglass observations.
As of the time of crafting this content, ONDO is hovering around $1.52, having undergone a minor 1.2% decrease in price over the past 24 hours.
Concurrently, the trading volume during the same timeframe has surged by 21%, signaling increased engagement from traders and investors.