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Bitcoin’s (BTC) price surpassed the previous bull cycle peak of $69,000, leading some altcoins to significant gains. One of these, Ondo (ONDO), experienced a rally of over 15%. Following this recent gain, the altcoin saw a total increase of 19% since the beginning of the week.
Analysis of ONDO’s Chart
Ondo’s price, accompanied by on-chain data, saw a notable increase in the last 48 hours, signaling a potential bullish trend. Additionally, ONDO’s price has risen by 19% since the beginning of the week. Experts analyzing ONDO’s daily charts indicate that the Ichimoku cloud has formed a support level at $1.17.
Cryptocurrency price movements can be determined using metrics like the Ichimoku base, which serves as both support and resistance. Generally, testing the base line of the mentioned formation is considered a reversal signal.
ONDO is trading 58% above the 100-day exponential moving average, a strong bullish indicator. Despite a 21% price correction from its all-time high of $1.48 to $1.17, the 100 EMA has shown no flattening trend. The stability of the EMA has led to new ATH expectations in the cryptocurrency.
Investor Interest in ONDO
Experts suggest that if ONDO falls below the Ichimoku base line, it could signal a bearish trend. Additionally, there has been a significant increase in fundamental indicators like buyers and transfer amounts in the token. The upward momentum in these metrics could indicate rising investor interest and potential gains for the altcoin.
Following the above-mentioned scenario, the number of addresses increased in the last two days. This could indicate growing adoption and demand. The rise in unique buyers is a positive sign that the token is gaining interest and attracting a broader user base.
