Stay Ahead!
Traders appear bullish on ONDO as another 15% hike seems possible. But a few conditions need to be met first.posted 56% gains since the 23rd of May and has broken out past a two-month-old range formation. The psychological $1 level was also flipped to support by the bulls.recent stasis did not affect ONDO negatively. Is this a sign of strength, or will ONDO retrace its gains? Technical analysis revealed some strong evidence for which outcome the altcoin would witness.
In the past two weeks, ONDO has flipped the 23.6% extension level at $1.2 to support and was trying to force its way above the 61.8% extension at $1.46. The 100% extension level at $1.71 is the next target. The RSI on the 1-day chart was at 76 to signal strong bullish momentum. A divergence has not formed on this timeframe and signaled continued bullish momentum. The OBV was climbing at a more sedate pace.Coinalyze
Coinalyze data showed that the Open Interest waxed and waned alongside ONDO’s price action. This meant that the traders were bullish and willing to enter long positions as prices climbed higher.The short liquidations due to the recent price surge added to the market buys. Overall, buying pressure was present in the lower timeframes.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ONDO 20% rise vs BNB’s 1% drop: Which token is your best bet?ONDO, the governance token for the Ondo DAO, has outperformed Binance Coin [BNB] in the last week. While ONDO’s price surged by...
Read more »
BONK price prediction: A 30% bounce after a 15% drop?The BONK social and futures metrics were not encouraging, and the meme token's price prediction remains bearishly biased.
Read more »
Gold market analysis for May 15 - key intra-day price entry levels for active tradersThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
15-year-old boy stabbed Thursday in Nepean diesA 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Read more »
15-year-old boy stabbed in Ottawa on Thursday diesA 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Read more »
Russia’s services sector grows at slowest rate in 15 months, PMI showsExplore stories from Atlantic Canada.
Read more »