Ondo Prices Jump Amid Spiking Address Count, Will It Reclaim $2?

Key Insights:

• ONDO price could be poised for a surge as daily new address count quadrupled over the past week, reaching a peak of 1,804.
• ONDO remains above its 200-day EMA at $0.94, with strong resistance at $1.20 and a potential upside target of $1.49.
• ONDO holds a $3.16B market cap with $1.39B in TVL and 150,480 holders.

The Ondo price ($ONDO) is surging amid massive growth in on-chain activity. The number of addresses being created increased four times over the last 7 days.

Glassnode data shows that ONDO had 1,804 new addresses registered on one day. The ONDO price jumped to a new high of $1.066 after which it went down to $1.00.

This indicates a significant inflow of users and possible capital flows in the ONDO ecosystem.

Although the ONDO price volatility is still evident in the short term, the narrative on-chain data shows increasing demand. This supports a positive trend in the long term among traders and analysts.

ONDO Price Displaying Volatile But Constructive Momentum

The ONDO price has fallen to $1.00; the currency is still above its 200-day Exponential Moving Average (EMA), approximately $0.94.

This technological level has been viewed as a long-term pointer of the trend and also supports the bullish structure. If the ONDO price action holds above this mark, market players can still take longs. This is especially with price action touching under $1 or recurring genuines of $1.20.

The protocol’s current Total Value Locked (TVL) is $1.39 billion, putting its market cap/TVL ratio at 2.27. This shows moderate valuation pressure compared to capital invested in the system.

Technical Analysis: Critical Zones and Trend Assessment

Looking at 4-hour charts, we see that ONDO has just crossed above a long-term made wedge construction. The volume confirmed the breakout and generated a rally that challenged several resistance points, such as the mid-term target of approximately 1.20.

This opposition aligns with the top level of the pink zone located by traders. This is the area where traders can initiate additional bullish power.

The ONDO price is between the $0.94 support zone and the $1.20 resistance zone. The highlighted buy zone is between $0.85 and $0.93 below $0.94.

The level represents where accumulation was previously shown. Losing support at $0.94 can lead to the retest of this consolidation area.

ONDO has surpassed its first and second targets at $0.998 and $1.207, respectively. The third is expected at $1.49. The level corresponds to the previous high levels and psychological barrier.

ONDO Price Facing Resistance at $1.20 and Beyond

ONDO price has evidence of resistance despite an increase in bullish signs. The resistance level at $1.20 has been challenged several times, and it is important to burst through it first to achieve the next set of upside targets. The ONDO price has not yet regained this level with conviction as of press time.

A strong close above $1.20 on a rising volume will mean the next important resistance will be $1.49. The last technical target after the previous strong close stands above $1.25.

However, a consolidation or retracement period is not ruled out before clearance of $1.20.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.