Ondo Price has confirmed an escape from a Haussier pennant model today while its TVL has reached a new summit of all time. Can he recover from his August losses?
Summary
- Ondo Price came out of a bullish pennant model.
- The total value locked in Ondo Finance exceeded $ 1.5 billion.
- The whales have increased the accumulation of ondo in the last two days.
According to Crypto.News data, Ondo (ONDO) increased by more than 12% to an intradible summit of $ 1.06 on Wednesday, before settling at $ 1.01 at the time of the editorial staff. The token rally marks today a decreased trend in mid-August. Its price is still down 9% compared to its August summit.
The main reason why the Ondo has rallied today is that the total value locked in the Ondo network has exceeded the milestone of $ 1.5 billion, recording a new summit of all time. This wave was triggered by the strong growth of the ONDO global markets, its new platform for American actions and FNBs from tokenization.
In particular, the platform has accumulated more than $ 105 million on TVL in the week following its launch, making it the largest platform for actions and token ETFs.
Since more tokens are locked and marked on Ondo finance, this will reduce the sale pressure on the Ondo token. This could in turn help the bulls regain control and push its higher price.
Ondo’s earnings today have also been fueled by a renewed interest in whales. Santiment data reveal that holders with sales between 10,000 and 10 million tokens have increased in the past two days. When whales start to accumulate a token, this often encourages investors to follow, an effect that could help support the gains of the token in the coming days.
A look at the daily graphic reveals that Ondo has formed a Haussier pennant model since July.
This is a short -term continuation model that is formed when the price of an asset prints consecutive green candles as its price increases, thus creating what is called a mast, which is then followed by a brief period of consolidation, during which the price moves in the convergent trend lines, forming a small symmetrical triangle or a form of penalty.
Ondo’s price has already broken out from the structure, confirming that buyers have regained control after the consolidation phase.
Ondo is also negotiated above the 20-day exponential mobile average at the time of the press, which still validates the current break.
Among other optimistic techniques, there was the indicator of divergence of mobile average convergence, which showed a positive crossing. When you consider the current configuration, this means that the feeling of the market bows in favor of buyers, which supports the arguments for more increase in future sessions.
Based on this, the Ondo bulls would most likely try to break down $ 1.17, which acted as resistance during its race in July and is also the highest point of the higher trend line of the pennant model.
In case of success, Ondo could be defined for a race up to $ 1.36, the full movement planned based on the rupture of Pennant Héssier. At the time of the press, the goal is around 35% above its current price level of $ 1.01.
A decrease below EMA from 20 days to $ 0.94, which traders often consider as short -term support levels, would invalidate the configuration.
Disclosure: This article does not represent investment advice. The content and equipment presented on this page are only for educational purposes.
