Markets React to 21Shares ETF Filing: ONDO Sees 20% Weekly Rally Amid Growing On-Chain Activity

Ondo (ONDO) Price: ETF Filing Sparks 20% Weekly Rally as On-Chain Activity Increases

The recent news of the 21Shares ETF filing has sent shockwaves throughout the cryptocurrency market, and more specifically, the Ondo (ONDO) community. As a result, ONDO price surged by an impressive 20% over the past week, indicating strong on-chain activity.

With the ETF filing, analysts are projecting potential gains of up to 70%, as the token breaks above major moving averages. According to expert analysis, if this resistance level is broken, it could ignite a rally that propels ONDO toward $1.75.

On-chain data suggests significant growth in the Ondo network. New wallet addresses have increased by 35% over the past week, while daily active users are up 16%. Furthermore, long-term holders have grown by 12%, indicating growing confidence in the token’s long-term potential. Short-term traders, on the other hand, surged by 14.94%, suggesting building speculative interest around recent price movements and breakout potential.

Key resistance levels to keep an eye out for include $1.20-$1.25, which could serve as a critical point of support should prices decline. Alternatively, if momentum continues, ONDO may retrace back to earlier highs near $1.40 experienced this year.

Ali Martinez, a renowned crypto analyst, has identified $1.15 as a crucial resistance level based on daily candlestick charts for the ONDO/USDT perpetual contract on Binance. A confirmed breakout above this level could trigger an explosive 70% rally and potentially open the door to a sustained bullish trend.

In conclusion, recent developments in the Ondo ecosystem have sparked unprecedented growth, both in terms of trading volume and investor participation. As such, it is essential for traders to keep a close eye on key resistance levels and consider the potential implications of an ETF listing.

Source: coincentral.com