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Is ONDO Ready to Soar? Keep an Eye Out for 2 Key Areas
Ondo [ONDO] has been trading within a critical support zone between $1.40 and $1.50, after retreating from a high of $2.00 earlier this month. As the token prepares for its next move, it’s essential to pay attention to two crucial areas that could indicate whether ONDO is ready to soar or not.
Firstly, the recent whale accumulation and increased large-value transactions are significant indicators that the market is shifting in favor of the token. A single entity has re-entered the ONDO market with a staggering $7.87 million across five wallets, just a week after selling. The largest purchase saw $2.46 million USDT spent to acquire 1.64 million ONDO, demonstrating renewed confidence in the token.
Furthermore, transaction data suggests that institutional or high-net-worth investors are seeking strategic exposure to ONDO, as transactions between $10,000 and $100,000 rose by a staggering 156.73%, while those exceeding $1 million surged by an impressive 100%. This uptick in transaction volume aligns with the broader narrative of ONDO’s potential to attract significant capital flows.
On the other hand, if we focus on technical indicators, it appears that ONDO is building a case for a significant recovery. The STOCH RSI indicates oversold conditions at 3.76 points, hinting at a possible rebound in the short term. Meanwhile, the MACD remains negative at -0.069, but the narrowing gap between its lines suggests diminishing bearish momentum.
It’s crucial to monitor both the whale accumulation and large-value transactions, as well as the technical indicators’ alignment with improving sentiment.
Source: ambcrypto.com
