Ondo (ONDO) has seen bullish developments in recent times. AMBCrypto reported on its partnership with Franklin Templeton, but also how the news development had no impact on price trends.
It is possible that the rapid growth of the RWA sector, combined with more encouraging market conditions, will drive up ONDO prices and demand for the platform’s services.
As it stands, the token’s trend was bearish in the long term. The weekly chart shows that October’s sell-off slowed in February.
Over the past six weeks, the price has consolidated in a tight range. An extensive consolidation of this type would be good news for ONDO investors in the long term. This type of consolidation of a bear market is necessary preparation for the next rise.
Until then, traders should pay attention to short-term price fluctuations and capitalize on opportunities when they present themselves.
What are the current opportunities for ONDO traders?
Data from Coinalyze showed that the upward surge could continue, despite the losses suffered on Friday March 27. Open interest has been trending upward over the past week, as has spot CVD.
This showed speculative and one-off demand for ONDO, and the funding rate remained positive. The demand could see further development towards the local highs of $0.295.
The range formation reached $0.237 to $0.295, and ONDO was trading near the midpoint at $0.266. The OBV was trending upwards in recent days, but the CMF remained stubbornly below the 0 mark.
Meanwhile, the RSI remained above the neutral level 50 at press time. The conflict of volume indicators was slightly in favor of the bulls, but the CMF warned that the buying pressure came in bursts and was not sustained.
In other words, a move toward the highs of the range resulted in intense profit-taking. Therefore, buyers of Ondo at current market prices should be careful. A move towards $0.295 can be used to sell, and a retest between $0.23 and $0.24 would be a buy signal.
Final summary
- The bullish news was not enough to sustain Ondo token price movement towards and beyond $0.30.
- A rally towards the highs of the range saw profit-taking pressure halt the move, reinforcing the established range formation.
