- Ondo Finance (ONDO) is making bullish moves on the daily technical chart.
- The ONDO price has surged by almost 9% in the last 24 hours, suggesting bullish dominance.
Ondo Finance (ONDO) has made a spectacular recovery, and it shows significant bullish trends that have attracted the interest of crypto investors. The recent price behaviour of the token shows a strong technical formation that indicates that the altcoin could continue to rise.
The biggest technical change in the technical environment of ONDO is the establishment of a golden crossover on the daily chart. The 50-day exponential moving average (EMA) of $0.954 has broken above the 200-day EMA of $0.949, forming this much-sought-after bullish indicator. This golden cross formation is traditionally a shift in bearish to bullish sentiment and usually the beginning of long rallies. The fact that these moving averages are close to each other indicates that the crossover is new and gaining momentum.
As CoinMarketCap data shows, ONDO has been on a 9% rise over the past 24 hours, which confirms the technical indicators with good price performance. The recent price development indicates that ONDO has overcome major resistance points, and the token is currently trading at about $1.10, which is a significant increase over its recent lows of about $0.68.
What Next For ONDO Price?
The MACD indicator supports the bullish thesis with a positive crossover, as evidenced on the technical charts. The MACD line has broken above the signal line, and the two indicators are still in the positive territory, indicating bullish momentum. The bars of the histogram are widening, which means that the buying pressure is growing and proves the shift of the bullish momentum.
In line with this technical image, the RSI value of 67.33 places ONDO in the bullish zone without going beyond the overbought zone. This reading implies that there is still more upside to be enjoyed before much opposition is met due to profit-making activities. The positive movement of the RSI is consistent with the rest of the technical indicators, which form a consistent bullish story.
Most importantly, perhaps, the sentiment indicator has become decisively positive, which indicates a better market psychology concerning ONDO. This underlying change in mood, together with the technical breakout, provides an opportune setting to further price increases.
The combination of these technical indicators, the golden cross, the positive crossover of MACD, the healthy level of RSI, and the increase in sentiment is an attractive bullish argument in favour of ONDO. To confirm the sustainability of this technical breakout, traders are advised to observe volume confirmation and observe sustained momentum beyond the levels of resistance.
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Source: https://thenewscrypto.com/ondo-golden-cross-pattern-sparks-fresh-bullish-momentum-what-next/