Ondo

Rally

OUSG

USDC

BlackRock

ONDO, the native cryptocurrency of Ondo DAO, has been making strong moves in the crypto space. The ONDO price has regained momentum once again gaining 8% over the last week and currently trading at $0.82. Some market analysts are expecting this rally to continue with a potential of 50-60% gains going ahead. 
<h3 id="what-s-behind-the-ondo-price-rally">What’s Behind the ONDO Price Rally?</h3> 
On Thursday, April 11, USDC stablecoin issuer <a href="https://coingape.com/circle-launches-usdc-exchange-for-blackrocks-buidl-shares/" target="_blank" rel="noopener">Circle introduced</a> a new smart contracts function allowing instant redemptions from the newly launched BlackRock BUIDL fund for USDC stablecoins. Ondo Finance’s tokenized asset platform was quick to test the near-instant conversions between USDC and BUIDL. 
The world’s largest asset manager BlackRock made headlines last month while dipping its toes into the asset tokenization market and launching its own <a href="https://coingape.com/blackrock-enters-the-tokenization-scene-with-securitize/" target="_blank" rel="noopener">BlackRock USD Institutional Digital Liquidity Fund</a> (BUIDL). 
The investment in the fund is symbolized by the Ethereum-based BUIDL token, offering daily yields distributed to token holders through blockchain channels. Ondo Finance was among the first supporters of the fund, employing it as a collateral asset for its OUSG token. 
According to <a rel="nofollow" href="https://lunarcrush.com/discover/ondo-ondo-finance?metric=close%2Cinteractions&amp;interval=1d" target="_blank">data</a> from Lunacrush, an Ondo wallet on the Ethereum blockchain recently exchanged $250,000 worth of BUIDL tokens for USDC. 
CEO of Ondo Finance, Nathan Allman, explained, “We are utilizing it to facilitate immediate 24/7/365 redemptions of OUSG into USDC.” OUSG denotes the Ondo Short-Term U.S. Government Treasuries token, which is backed by securities issued by the U.S. government. 
<h3 id="ondo-price-rally-to-continue-till-1-37">ONDO Price Rally to Continue Till $1.37</h3> 
Ondo’s price has been consolidating just below the $0.8276 support level since the beginning of the month. If the overall market displays strength, ONDO might overcome this barrier and turn it into support. Such a scenario could potentially result in substantial gains for ONDO holders, possibly reaching the psychologically significant level of $1.0000. This would represent a 20% increase from the current levels. 
The significance of $0.8276 lies in its status as a previous high that was later converted into support. As of now, the ONDO price is once again trading pretty close to this resistance. A breakout above this could lead to a price rally to $1.0. 
According to crypto analyst <a rel="nofollow" href="https://coinmarketcap.com/community/post/335571065/" target="_blank">Decilizer</a>, ONDO has validated support at $0.75 and is now progressing toward our next target of $1.37, contingent upon Bitcoin maintaining its bullish momentum. 
<img decoding="async" class="aligncenter size-full wp-image-191079" src="https://coingape.com/wp-content/uploads/2024/04/ONDO-Price.png" alt="" width="752" height="385" srcset="https://coingape.com/wp-content/uploads/2024/04/ONDO-Price.png 752w, https://coingape.com/wp-content/uploads/2024/04/ONDO-Price-300x154.png 300w, https://coingape.com/wp-content/uploads/2024/04/ONDO-Price-150x77.png 150w" sizes="(max-width: 752px) 100vw, 752px"> 
The post <a href="https://coingape.com/ondo-price-eyes-rally-to-1-37-whats-behind-the-surge/">Ondo (ONDO) Price Eyes Rally to $1.37, What’s Behind the Surge?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ondo (ONDO) Price Eyes Rally to $1.37, What’s Behind the Surge?

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