Most altcoins on the Real World Assets (RWA) zone are gaining traction alongside ONDO witnessing an impressive rally in the past week. It has encountered resistance and currently looks weak on the day.
Ondo appears highly bullish after increasing by over 10x since it was launched on Kucoin and other crypto exchanges earlier this year. This might just be the beginning for the cryptocurrency as it could return bigger profits if listed on the world’s biggest crypto exchange – Binance.
However, it has temporarily halted buying after failing to sustain a bullish above the psychological $1 level a few hours ago. It faced rejection and retraced under $0.9 at the time of writing.
Interestingly, the bulls are still in charge from a short-term perspective. We can expect buying to resume anytime soon. But if they fail due to exhaustion, the rally may continue to cool off until it finds a solid ground. That should bring another retracement before bouncing back.
Paying attention to the price chart, which suggested a potential divergence on the daily volume indicator, the trend is likely to reverse anytime from now.
As volatility moves into the RWA industry, Ondo has seen a nice 110% gain in a week and is currently the largest crypto by market cap based on Coingecko statistics.
ONDO’s Key Level To Watch
Now that the price is down due to recent rejection, the closest support for a rebound lies at $0.83. Below it lies minor support of $0.75 and majorly $0.66. The $0.5 level is the next support for a broader retracement.
A break through the current high of $0.995 could trigger more rally to the $1.2 level. The next potential level to keep in mind would be $1.4.
Key Resistance Levels: $0.995, $1.2, $1.4
Key Support Levels: $0.83, $0.66, $0.5
- Spot Price: $0.884
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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