In the past 24 hours, ONDO has experienced a substantial 13.26% surge in its value, pushing it to $1.80. Those who invested in this asset last week have seen a profitable rally, with gains now standing at a 1.31% increase from its previous low.
Although ONDO is anticipated to continue its strong performance and potentially build on recent gains, a decline in trading volumes presents a potential risk. This decrease could indicate diminishing interest from buyers.
Accumulation of ONDO by Prominent U.S Whale
A significant U.S investor has recently acquired a notable amount of ONDO, pointing towards renewed enthusiasm for the asset and the likelihood of a price upsurge. The investor seems to be capitalizing on what they perceive as an undervalued investment opportunity.
This acquisition was conducted through Coinbase, a leading cryptocurrency exchange in the United States. Within the specified timeframe, the whale purchased 1,085,120 ONDO tokens valued at $1.83 million.
Large-scale acquisitions like this often generate interest among retail traders and other investors, indicating a potential shift towards higher price levels and a subsequent increase in demand.
ONDO Aims for a New Peak
Breaking out of the accumulation zone within a bullish flag pattern, ONDO has seen a positive price development. Previously, the asset traded within a specific range but was on a downward trend. The recent rally commenced after ONDO breached the support level, touched a demand zone below, and gained momentum from the whale’s purchase.
According to the price chart analysis, ONDO is expected to mirror the initial rally leg before entering an accumulation phase. This move could potentially result in a 49.63% price increase, propelling the asset to $2.44 and establishing a new record high.
Technical indicators support this positive projection. The Parabolic SAR reflected a series of dots below the price, indicating a strong upward momentum and rising buying pressure. Furthermore, the AROON indicator indicated that the orange line (100%) surpassed the blue line (37.25%), suggesting a robust market demand and a consistent uptrend.
Is Buyer Momentum Fading?
Despite a 13.26% price increase in the last 24 hours, ONDO’s trading volume decreased by 10.75%, reaching $620.09 million in total volume.
A surge in price without a proportional volume spike often indicates underlying fatigue among buyers. This discrepancy implies that the rally may lack solid support, making the price susceptible to a potential decline.
Sustaining ONDO’s rally requires a simultaneous increase in both price and volume. Without this alignment, the upward momentum might not be sustainable.