- A US whale began accumulating ONDO in anticipation of a breakout of an uptrend, signaling growing confidence.
- Technical indicators suggest that the market remains bullish, with a high probability of sustained gains in the coming days.
Over the past 24 hours, ONDO surged 13.26% on the charts, pushing its price to $1.80. Traders who purchased the asset last week have benefited from this rally, with gains now up 1.31% from its previous low.
Although ONDO is expected to outperform and potentially extend its recent gains, declining trading volumes present a risk. Especially since they may indicate a decline in purchasing interest.
An American whale accumulates ONDO
A major US investor acquired a significant amount of ONDO in the past 24 hours, highlighting renewed interest in the asset and the potential for a price rally. The investor appears to be seizing what he sees as an undervalued opportunity.
This particular purchase was made through Coinbase, the leading cryptocurrency exchange in the United States. The whale purchased 1,085,120 ONDO tokens worth $1.83 million during this period.
Source:
Such large-scale acquisitions often attract interest from retail traders and other investors. These transactions indicate that the market may be approaching a higher price level, thereby encouraging increased demand.
ONDO aims for new high
On the price front, ONDO has moved out of the accumulation zone of a bull flag. Here’s where it previously traded within a defined range, while trending south. The rally began after the asset broke through this zone’s support level, exploited a demand zone below it, and gained momentum thanks to recent whale buying.
The price chart indicates that ONDO is likely to repeat the first stage of its rally before entering the accumulation phase. The move could result in a 49.63% price rally, pushing the asset to $2.44 and setting a new all-time high.
Source: Commercial View
Technical indicators seem to confirm the bullish outlook. The Parabolic SAR (Stop and Reverse) revealed a chain of points below the price, signaling strong bullish momentum and increasing buying pressure.
Similarly, the AROON indicator revealed that the orange line (100%) was above the blue line (37.25%), indicating robust market demand and a sustained uptrend.
Source: Commercial View
AMBCrypto, however, encountered some concerns regarding ONDO as its trading volume did not match the strength of the rally. This gap indicates limited market participation.
Are buyers losing momentum?
ONDO gained 13.26% in the last 24 hours, and yet its trading volume fell by 10.75%, bringing the total volume down to $620.09 million.
A rise in price without a corresponding increase in volume often indicates underlying buyer exhaustion. In this case, the imbalance suggests that the rally may lack strong support, leaving the price vulnerable to a potential decline.
For ONDO’s rally to be sustainable, a simultaneous rise in price and volume is essential. Without this alignment, the upward momentum may not continue.
