news 
Is ONDO Ready to Soar? Keep an Eye Out for Two Key Areas
As the cryptocurrency market continues to fluctuate, ONDO’s recent price action has caught attention. Whale re-entry and growing transactions positions suggest that the token is gearing up for a possible price breakout soon. In this analysis, we will examine two crucial areas to identify potential price targets.
Whale Accumulation
The past week has seen a significant increase in whale accumulation, with a single entity adding $7.87 million across five wallets. This substantial re-entry signals strong confidence in the token’s prospects. Furthermore, a comparison of transaction data reveals that this accumulation is not an isolated incident, but rather part of a broader trend.
Key Resistance and Support Zones
ONDO has been trading within a tight range between $1.40 and $1.50, with critical support at $1.20. Currently, resistance lies at $1.79, which if breached could lead to a rally towards the $2.30 mark. However, failure to break above this level may result in further price fluctuations.
Transaction Analysis
A closer look at address activity reveals mixed sentiment among holders. New addresses increased by 0.72%, indicating continued interest, but active addresses declined by 6.73% over the past week. Additionally, zero-balance addresses decreased by 9.04%. This mix of trends reflects investor caution amid market volatility.
Transaction data also highlights a shift in the token’s ecosystem. Large-value transfers have seen an increase of 156.73%, while transactions above $1 million surged by 100%. These figures suggest heightened interest from institutional or high-net-worth investors seeking strategic exposure.
Technical Indicators
Lastly, let us consider technical indicators that paint a picture of oversold conditions. The STOCH RSI at 3.76 indicates that the token may be due for a short-term rebound. Additionally, the MACD remains negative but is narrowing its gap with the signal line, hinting at diminishing bearish momentum.
Conclusion
Based on recent market activity and technical analysis, it seems increasingly likely that ONDO could surpass $2.00 in the coming weeks. The combination of whale accumulation, increased large-value transactions, and bullish setups provides a compelling case for a strong upward move.
Source: ambcrypto.com
