Whales Stack Up, Ondo Price Tumbles: Bullish Reversal Expected?

A whale recently executed a huge ONDO purchase at a time of elevated volatility. The ongoing market dip helped to strategically time the transaction, which had an average ONDO price of $1.553.

According to blockchain data, this whale apparently created a new wallet just 11 hours ago and used 4,611 ETH (worth $17.1 million) to buy 10,978 million ONDO tokens.

Even as ONDO prices take a beating after declines, this hefty investment points towards the project’s growing popularity.

Typically, whales are thought to move markets, and what they choose to buy or sell can reveal the future.

This purchase, the size and timing of which have stoked debate among analysts, reveals a stock displaying bullish divergence or the rare possibility of a speculative rally in a turbulent market.

– Advertisement –

Ondo Price Recent Performance

The bearish sentiment that shrouded the broader cryptocurrency market found its match on the day of ONDO’s market performance.

Earlier, the token suffered a nearly 8% decline, which is characteristic of the wild digital asset market.

Yet, there was a partial recovery, with ONDO price shooting up to $1.62 previously in the evening today, a 5.73% increase in the past 24 hours.

However, this modest rebound has helped to soothe nerves on the trading floor and should tamp down expectations a bit.

Its trading volume also surged by 175.83% to $685.88 million compared to the day. The whale’s purchase and subsequent market reactions appear to have led to an uptick in interest and activity around the token, primarily through this volume spike.

The return does not bring substantial relief to the token, which lingers under assault while market participants closely watch it to get clarification about possible stabilization or further growth.

From a wider view, ONDO’s market capitalization is around $2.24 billion, making it among the top-tier altcoins.

The total supply of ONDO is capped at 10 billion, and the circulating supply is 1.38 billion. All of this suggests that ONDO is receiving tremendous attention even in less-than-ideal market conditions.

Technical Analysis: A Mixed Outlook

The technical picture on the ONDO price chart is mixed with a closer look. Key resistance levels for the token have been sitting around a 50 day Simple Moving Average (SMA) that is at $1.61. The critical thing for ONDO to get back momentum is to break above this level.

Nevertheless, repeated attempts to push the ONDO price higher reveal opposition to its near $1.65 level.

Resistance points lie in the 100-day and 200-day SSMAs placed above, and ONDO may require sustained buying power to overcome these hurdles.

Their intervention, for now, adds to the caution as the Volume Oscillator advises us of reduced momentum with a reading of -22.68%.

This means that trading volume seems robust, but a lot of it likely is reactive vs. being a signal of broad-based bullish sentiment.

ONDO will require sustained price recovery off of increased volume generated from a broad based market interest, as opposed to isolated whale activity.