While meme coins and AI-focused tokens like Nvidia were creating buzz in the market, a significant step by Blackrock brought a familiar concept back into the spotlight. Following this move, RWA tokens, including ONDO, experienced a surge. What can be said about the future of ONDO?
Current Status and Comments on ONDO
Despite the ongoing surge in ONDO, the price has yet to overcome the notable $1 resistance level.
ONDO reached its all-time high of $0.9934 on March 26, but after a 10% decline, it fell to $0.906 and failed to maintain stability, trading at $0.8637 at the time of writing.
The market structure continued to show an upward trend, and investors were indicating that the $1 level could soon be breached. A breakthrough above $1 could lead to a potential price increase for ONDO. However, investors should also be cautious about the stagnant Total Value Locked (TVL) of Ondo Finance.
The rise in ONDO continues to persist. The OBV indicator dropped from $0.994 to $0.84 recently and has not reached its former resistance level again. This suggests that the selling volume is not stronger than the buying volume from the previous week.
On the other hand, the price has risen from the $0.84 region, confirming it as a support level. The RSI, meanwhile, was showing strong bullish momentum, remaining above 60. According to Fibonacci extension levels (pale yellow), $1.1 and $1.27 could be considered the next resistance levels.
Despite all this, a bearish move in the 6-hour time frame could cause the price to fall below the $0.68 level.
Comments on ONDO
Analysis shows that the 30-day MVRV ratio had a sharp decline ten days ago, just before the movement triggered by the Blackrock announcement. Since that day, the MVRV has continued to trend positively, reflecting an increase in the number of profitable investors.
The Weighted Sentiment indicator also took on a strong upward trend as the price approached its all-time high, emphasizing the bulls’ expectation for a continued rise. Last week, there was also a noticeable increase in Network Growth, another positive indicator.
