Ondo Finance (ONDO) announced the launch of the first tokenized equity representations powered by DTC tokenized mandates. Through this initiative, Ondo Finance is participating in “DTCC’s largest tokenization initiative to date” alongside other TradFi giants, including BlackRock, JP Morgan and Goldman Sachs.
Ondo Finance CEO Ian de Bode said:
Ondo is the only company building all avenues for tokenization of US securities simultaneously. Today’s initiative with DTCC demonstrates that the Ondo Stocks infrastructure is designed to work with, not compete with, the institutional market infrastructure.
announcement It helped support the bullish sentiment around the decentralized finance platform and its native token, ONDO. Altcoin is on the rise 5.6% It has increased in the last 24 hours 51.7% increased to daily transaction volume.
Triangle formation and upcoming ONDO breakout
The descending triangle formation (green) came at a time when ONDO was unable to reverse its long-term downtrend structure into a bullish direction. $0.47 high swing tested but not convincingly violated.
That being the case, the long-term bearish outlook for the altcoin remains intact.
However, the descending triangle can change some things. $0.31 The area has been defended since June. While writing, $0.336 The local resistance zone prevented the bulls from pushing prices higher.
Neither CMF nor OBV have signaled a steady buying pressure on the altcoin. Unless proven otherwise, ONDO swing traders would be wise to be wary of a bullish outcome.
Investors’ call to action – Buy if…
The swing structure of H4 was also in a downward trend. Local resistance zone coincides with 50% retracement level $0.343. This divided the premium and discount areas for swing traders.
An upside breakout from the descending triangle pattern may still face rejection from the discount area and fail to climb higher. $0.372 and $0.394 Resistors.
It would be best for traders and investors to wait for the market to show its hand. There are risks in trying to take a long position now.
Final Summary
- News of Ondo launching the first tokenized equity representations based on DTCC tokenized rights has boosted market confidence.
- Volume trends and overall price movement have raised questions about the token’s ability to rally to $0.40 or higher.
