ONDO Price Prediction: Rally Still Intact; Can It Reach $1.50?

• The ONDO token price is sustained in the higher zone and looks bullish.
• Buyers are looking in a dilemma and trying to secure their gains.

The ONDO price reached its ATH mark and has decisively held gains at the top. Meanwhile, this week, the token price consolidated and stayed calm, signifying the possibility of profit booking ahead.

Recently, the token breached the round mark of $1 and exceeded gains by over 25% this week. However, the sentiment still favors the bulls, and buyers still dominate.

At press time, the Ondo token (ONDO) price traded at $1.23 with an intraday drop of 0.10%, reflecting neutrality on the charts. It has a monthly return ratio of 57.89% and a 3892.90% yearly return ratio, revealing a long-term uptrend.

Per the tweet from @DaanCrypto on the X platform, the ONDO crypto was well-placed at highs, and the charts looked perfect. 

$ONDO Still one of the best looking charts out there. Was able to finally leave the ~$0.8 range behind and has been expanding quickly from there.

The trend is your friend. https://t.co/UvBpg5LtYR pic.twitter.com/sLt4DKKTZx

— Daan Crypto Trades (@DaanCrypto) May 28, 2024

Source: X

The pair of ONDO/BTC is at 0.0000181 BTC, and the market cap is $2.46 Billion. Analysts are neutral and suggest that the ONDO price may continue to spread the up move and might outperform ahead.

ONDO Surged Over 60% This Month; Will the Profit Booking Trigger?

For weeks, the Ondo token price sustained gains at the top and consolidated near the $1 mark. This month, the buyers have succeeded in their dream and led a range breakout, leading to an intense jump of over 60%.

Meanwhile, the trend is bullish, and buyers have an edge and are eyeing to reach the $1.50 mark this month. The token traded above the value area, and significant volume buying activity was noted.

Source: Santiment

Amidst the price consolidation this week, the trading volume dropped over 19.20% to $170.94 Million, which means a decline in the buying activity.

In addition, the key metrics turned negative, which might trigger a selloff ahead.

Sharp Decline In Volatility and Sentiment 

This week, the price volatility curve witnessed a steep decline and dropped over 30% to the 0.018 mark, revealing a decline in investor interest.

Source: Santiment

Similarly, the weighted sentiment value flipped from the higher trajectory zone to the midline region and signified a possibility of a selloff in the next sessions.

Social Dominance of the ONDO Crypto

The Social Dominance value sharply turned negative, reflecting a decline of over 62% to the 0.053 mark, revealing a negative outlook.

Source: Santiment

Meanwhile, the development activity data remained flat and stayed close to the midline region, noting around the 0.19 mark.

Future OI Data Reflects Long Unwinding Move

The Future OI data reveal a decline in the buying interest, which led to a decline in the open interest by over 3.20% to $242.18 Million in the last 24 hrs, highlighting long unwinding activity.

The immediate support levels for the ONDO token price are $1.10  and $1.00, whereas the key upside hurdle is around $1.30, followed by $1.50.

Conclusion: Is ONDO Still a Promising Bet or Not?

After a range breakout, the token has not yet retested the breakout region and might slip toward the $1 mark soon. Meanwhile, the trend is positive, and sellers are struggling to push bulls from the highs.

Disclaimer

This article is for informational purposes only and does not provide any 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.