Can ONDO Price Attain 2x Gains, As Analysts Seem Optimistic?

The global market cap of cryptocurrencies has surged by 1.36%, and it currently stands at $2.38 Trillion. Although the crypto market is in a downturn, the ONDO crypto has been a standout performer. It keeps pumping and has now claimed its highest coin market cap ranking at the 51st position on CoinMarketCap.

The ONDO price has shown a resurgence from the $1.10 price mark, exhibiting an 8.3% intraday growth on the daily chart, with the price traded at $1.19.

When writing, the ONDO market cap is $1.66 Billion, with a circulating supply of 1.389 billion ONDO. Its circulating token supply is nearly 14% of the total supply of 10 billion ONDO. Its volume-to-market cap ratio of 24 hours stands at 23.73%, indicating a healthy liquidity level in the ONDO cryptocurrency. 

TVL and USD Inflows Witnessed Surge In ONDO!

According to DefiLlama, Ondo’s Total Value Locked (TVL) has been rising, signifying investors’ growing confidence. From June 1st to 19th, the amount jumped from $465 Million to $541 Million, showing a growth of nearly 17%. This uptrend demonstrates a rising demand for the project and an increased willingness among ONDO investors to maintain their investments. 

TVL & USD Inflows | Source: Defillama.com

Meanwhile, before 2024, USD inflows were modest, remaining below $200 million. However, after March 2024, the USD Inflows accelerated and reached $568 Million by June 19th. It indicates the increase in interest for the ONDO and may suggest that investors are positioning themselves for potential purchases at current or lower price levels.

What Does the ONDO Price Action Reflect on the Daily Chart?

An analyst, @Cryptochimpanz, optimistically tweets on the X platform that as long as the ONDO Finance price holds above the $1.050 level on the daily chart, it could witness 2x gains toward the $2.0 Mark.

On analyzing the ONDO daily chart concerning the analyst’s optimistic tweet, the price trades above the 50-day EMA. It has been following the upward parallel channel since its inception.

Overall, looking at the 6-month performance, in accordance with the CMP, the price has surged 297.87%. Its 3-month performance showed a surge of 81.56%. Despite the bold price performance, in the last 15 days, the price dipped -30% from the upper boundary and formed support at $1.00.

The MACD shows a bearish crossover due to the dip ONDO faced as it followed the decline of BTC. However, the MACD is above the zero line, so the price is still bullish. The RSI has turned around, as it took a U-turn, which is currently flashing at 51.03.

Therefore, if the ascend continues, the price could approach the upper boundary of the wedge. The ONDO Price could aim towards $1.50 and $1.75. Beyond this, the door could open for more growth. However, failing toward the $1.0 support could lead to the nearest support at $0.70.

Summary

The Ondo token has seen significant growth, reaching the 51st ranking on CoinMarketCap. The Ondo Price has surged from $1.10 to $1.19 with a market cap of $1.66 billion. 1.389 billion ONDO tokens are in circulation, with strong market liquidity. The TVL and USD inflows have also increased, showing investor confidence and interest in ONDO.

Moreover, @Cryptochimpanz tweets optimistically about ONDO Finance, stating that if the price stays above $1.050 support on the daily chart, it could see gains towards $2.00. Analysis shows ONDO trading above 50-day EMA in an upward parallel channel. 

Above all, the Price has surged in 6-month and 3-month performances. Despite the recent dip, the uptrend looks intact in ONDO. MACD is bearish but above zero, with RSI at 51.03. The ONDO price may target $1.50 and $1.75, with support at $1.00 and $0.70.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.