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Ondo (ONDO) price has hit a new all-time high after a successive bull run in the last 24 hours. During this rally, <a href="https://coingape.com/blog/ondo-price-hit-new-ath-heading-to-2/" rel="noopener noreferrer nofollow">ONDO price</a> surged by over 10% and climbed to 2nd on CoinMarketCap list of top gainers.&nbsp;
<h2 id="ondo-price-hits-all-time-high">ONDO Price Hits All-Time High</h2>
Ondo has been in a bullish rally since establishing support at the intra-day low of $1.22. This rally mirrors an uptrend experienced over the last 30&nbsp; days, with the price soaring by over 74% from a monthly low of $0.7369. As of press time, ONDO was trading at $1.36, an all-time high and a 10.46% surge from the support level. This surge reflects a 1520% rise from the all-time low set 4 months ago on Jan 18th.
<img decoding="async" class="aligncenter wp-image-200110" src="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-01T223829.946.png" alt="" width="763" height="353" srcset="https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-01T223829.946.png 977w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-01T223829.946-300x139.png 300w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-01T223829.946-768x355.png 768w, https://coingape.com/wp-content/uploads/2024/06/screenshoteasy-2024-06-01T223829.946-150x69.png 150w" sizes="(max-width: 763px) 100vw, 763px">
Source: CoinMarketCap
Accompanying this surge is a rally in market capitalization and 24-hour trading volume by 9.50% and 12.15%, respectively, to $1,889,288,777 and $260,300,488. This rally is attributable to <a href="https://coingape.com/ondo-price-soars-5-as-mantra-debuts-usdy-rwa-vault/" rel="noopener noreferrer nofollow">MANTRA’s</a> announcement of launching a new savings vault backed by Ondo that uses the USDY token.&nbsp;
If this bullish momentum breaches the $1.36 resistance, the following resistance levels to watch are $1.50 and $1.70. However, if the price fails to break through the resistance at $1.36, we may see a retracement back to the support level at $1.20 before another attempt at breaking higher.&nbsp;
<h2 id="ondo-futures-open-interest-surges-10">ONDO Futures Open Interest Surges 10%</h2>
During this rally,<a href="https://coingape.com/ethereum-beta-ondo-price-touches-new-all-time-high-whats-cooking/" rel="noopener noreferrer nofollow"> ONDO</a> derivatives data analysis reveals a bullish sentiment in the ONDO market, with volume up by 9.47% to $377.47 million. In addition, <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/ONDO">open interest</a> (OI) is up by 10.26% to $250.07 million. This trend indicates a heightened trading activity and a strong interest in holding positions, suggesting an optimistic market anticipation of future price movements.
On the ONDOUSD price chart, the Bollinger bands are expanding, reflecting a high volatility phase, with the upper, middle, and lower bands touching $1.40, $1.04, and $0.68838, respectively. Backing the optimism in the market, the candlesticks are trending near the upper band, a strong upward price movement backed by the sustained position above the middle band (20-day SMA).&nbsp;&nbsp;
<img decoding="async" class="aligncenter wp-image-200109" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2.png" alt="" width="768" height="341" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-2.png 1819w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2-300x133.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2-1224x543.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2-768x341.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2-1536x681.png 1536w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-2-150x67.png 150w" sizes="(max-width: 768px) 100vw, 768px">
Source: TradingView
However, the Relative Strength Index (RSI) is in overbought territory, with a rating of 74, so ONDO may be overbought, which could lead to a potential pullback or price consolidation. 
Despite this overbought trend, the Chaikin Money Flow (CMF) motion in the positive region, with a rating of 0.19, suggests that money is flowing in the market, reflecting increasing buying pressure, which is a bullish signal.&nbsp;
Read Also: <a href="https://coingape.com/cardano-bull-names-top-3-altcoins-to-outperform-this-cycle/#:~:text=Cardano%20bull%20and%20Crypto%20Capital,top%20altcoins%20for%20the%20season." rel="noopener noreferrer nofollow">Cardano Bull Names Top 3 Altcoins To Outperform This Cycle</a>
The post <a href="https://coingape.com/ondo-ondo-price-hits-all-time-high-as-oi-rises-10/" rel="noopener noreferrer nofollow">Ondo (ONDO) Price Hits All Time High as OI Rises 10%</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ondo (ONDO) Price Hits All Time High as OI Rises 10%

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