ONDO has made headlines recently after extending its uptrend with significant gains of 10% in a 24-hour period.
The altcoin’s price action gained momentum after the network announced that regular investors can now use tokenized shares as collateral. The move aims to expand the range of assets available for leveraged trading.
The impact of the announcement was immediate. ONDOs The price continued its rise on the daily chart, adding to the uptrend that has already been established over the past few weeks.
The explosion preceded the news
Before announcementONDO has recently managed to escape the bullish pennant that served as a limit on prices during the consolidation phase. Latest The breakout brought the momentum back in favor of the bulls and reaffirmed the dominant uptrend that has remained intact since the token found support at the $0.30 price level.
The aggressive breakout resulted in a market gap between $0.32 and $0.36, which was filled and the bullish run continued further.
Simply put, the latest announcement has strengthened the altcoin’s bullish trend. Especially since ONDO’s price action respects the bullish fair value difference.
At the time of writing, ONDO was still trading above the 20-day Simple Moving Average. The gap between the Bollinger Bands also widened, indicating more volatility in the market.
Whales continue to add to their positions
Large holders of ONDO show little sign of stepping aside, according to AMBCrypto’s latest analysis of Spot Average Order Size data.
In fact, on-chain data has pointed to an increase in the accumulation of whale orders globally. ONDO’s price at press time even after the breakup. This shows that long-term players are still positive about the long-term bullish market structure.
In previous scenarios, persistent accumulation during a trending market provided more room for the trend to extend itself.
The same scenario may come into play for ONDO and strengthen the prevailing market trend.
Is $0.50 the next hurdle?
The altcoin’s long-term technical structure has remained constructive so far. ONDO maintained highs and lows, continuing to trade above key support levels established after the pennant breakout.
The next major area that traders and investors are watching is near $0.50. This is a psychological level that can attract both profit making and new buying interest.
The existence of several liquidity clusters valued at more than $5 million and located above $0.45 seemed to confirm the market bias. ONDO’s price action may move higher to capture unabated liquidity.
Final Summary
- ONDO’s price gained momentum after tokenized shares were offered as collateral for continued trading.
- Whale accumulation continued to follow the breakout of the uptrend, leaving the psychological $0.50 level as the next major target for buyers.
