Ondo

bullish

2024

Billion

The <a href="https://www.thecoinrepublic.com/price-prediction/ondo-finance/">ONDO price</a> declined by over 55% in the last three weeks amid global woes and sentiment. A shift in the wind has been witnessed as the price showed a liquidity grab near a demand zone, signifying impulsive buying gestures. 
When writing, the price traded at $0.7243, with an intraday surge of 18%. Its market cap value was $1.005 Billion. This made it the 60th largest cryptocurrency in terms of market cap globally, dominating at 0.04%.&nbsp; 
Also, a surge of 81% in the spot traded volume was recorded, which resulted in a traded value of $406.9 Million. This led to a massive volume/market cap ratio of 41.21%, exhibiting high liquidity in the asset. 
From the beginning of February 2024, ONDO started to witness buying, followed by strong bullish sentiment among investors. This led to a more than 450% price surge in less than four months. 
<h2 class="wp-block-heading" id="h-how-much-supply-the-top-addresses-hold">How Much Supply the Top Addresses Hold?</h2> 
The ONDO floating supply was 13.89%, precisely 1.389 Billion ONDO from the total supply of 10.0 Billion. Additionally, as of writing, the fully diluted market cap of the token with respect to price was $7.189 Billion. 
Ondo Finance had a massive adoption among its users per the CoinCarp. Its holders increased rapidly from a January low of 10,000 holder addresses to 58,277 holders at press time.&nbsp; 
The top 10 holders held 86.75% of the total supply. Moreover, Ace in the rich list was the largest token holder, holding 75.89% of the supply (7.589 Billion ONDO tokens). 
<h2 class="wp-block-heading" id="h-decoding-ondo-s-next-move-on-technical-chart-nbsp">Decoding ONDO’s Next Move on Technical Chart&nbsp;</h2> 
The ONDO price activity was in the upward wedge, where the low of all time was witnessed at $0.19655. The highest ever achieved was $1.48410. 
On further look, the price had displayed a great uptrend. It got a major boost by mid-May 2024 from a symmetrical triangle pattern, hitting the $1.48 mark.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="548" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-1024x548.png" alt="ONDO 1.D. | Source: TradingView" class="wp-image-651177" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-1024x548.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-300x160.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-768x411.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-1536x822.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-150x80.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-696x372.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62-1068x571.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-62.png 1563w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 ONDO 1.D. | Source: TradingView
 </figcaption>
</figure> 
However, buyers lost strength from the supply level, which washed away its gains. The fall led to the formation of support at $0.87 by July 8th. The price tried to rise for a brief time, but the dynamic 50-day EMA hurdle deflected it downwards. 
The overall sentiment turned bearish as its long followed-uptrend price structure in the upward channel became bearish. It formed a rising wedge, which was precisely a bearish pattern. 
The fall accelerated in ONDO, with global woes, such as the recent crash of the South Korean and Japanese stock markets. It caused market leaders like BTC &amp; ETH to draw down massively, which other altcoins depicted due to broader sentiment. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="544" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-1024x544.png" alt="BTC, JP225, NI225, KOSPI 1.D. | Source: TradingView" class="wp-image-651172" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-1024x544.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-300x159.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-768x408.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-1536x816.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-150x80.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-696x370.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61-1068x568.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-61.png 1573w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 BTC, JP225, NI225, KOSPI 1.D. | Source: TradingView
 </figcaption>
</figure> 
Despite the bearish sentiment, the hopes are alive as the ONDO increased from a historically proven support level on Aug 5th. Likewise, the broader market has shown a liquidity grab candle like ONDO, signifying massive buying occurred. 
<h2 class="wp-block-heading" id="h-indicator-perception-and-the-ondo-price-forcast">Indicator Perception and the ONDO Price Forcast</h2> 
With the recently witnessed liquidity grab candle, bullishness has been identified. However, the bullish trend would be confirmed once ONDO reacquires the lost level of $0.875. 
The EMA band of 50 days has been above the price, showcasing the price broadly in the bearish territory.&nbsp; 
Despite that, the RSI has witnessed a resurgence from extremely oversold territory due to a liquidity grab built on the chart. It was last at 29.81.&nbsp; 
Likewise, the MACD histogram has reduced toward the zero line. A bullish cross is anticipated based on a more bullish force.  
<a href="https://in.tradingview.com/chart/ONDOUSD/i3jycNgO-Indicator-Perception-A-Forecast-For-ONDO-Price/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Regarding ONDO price advancement, the resistance could be at $0.875 and $1.042, respectively. On the contrary, the loss of the demand zone would lead to a lower low, depending on the bears’ strength.&nbsp; 
The post <a href="https://www.thecoinrepublic.com/2024/08/06/ondo-price-shows-signs-of-recovery-with-18-surge-whats-next/">ONDO Price Shows Signs Of Recovery With 18% Surge: What’s Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

ONDO Price Shows Signs Of Recovery With 18% Surge: What’s Next?

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