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The Ondo Finance price surged 15% in the past 24 hours to trade for $0.8481 as of 04:20 a.m. EST on trading volume that surged 95%.
It comes as the Bitcoin price continues to show strength, with Real World Assets (RWA) tokens such as ONDO and Polymesh (POLYX) benefitting from spillover capital flows. RWAs tokenize established commodities from traditional finance and bring them over into the DeFi space using blockchain technology.
Some analysts have identified a bullish pennant pattern on ONDO/USDT trading pair’s one-day timeframe. This technical formation precipitates a bullish breakout once activated.
$ONDO Bullish Pennant Breakout is Confirmed on the Daily timeframe ✅
Expecting 2x Bullish Rally in Coming days.. ⌛️📈#Crypto #ONDO #ONDOUSDT pic.twitter.com/uk3WQQPdak
— Captain Faibik (@CryptoFaibik) May 16, 2024
Besides broader market optimism instigated by the Bitcoin price, another factor influencing the Ondo Finance price is large holders’ activities. Accumulation from the top 50 holders, market-wide whales, and smart money has influenced the surge.
A detailed analysis of the Ondo Finance price by iCrypto.ai shows that the top 50 wallets holding ONDO tokens aggressively accumulated when the price was in the $0.74-$0.77 range. In the past 24 hours, the data shows that buying momentum from this class of large holders was 32.7M ONDO. This translates to approximately $27.6 million.
For whales, when the Ondo price dropped on May 6 to $0.8155, the balance held suddenly decreased from 1.15 billion ONDO to 1.1 billion ONDO.
This translates to approximately $415 million. However, buying power has reappeared today with a buy volume of ~40M ONDO, or ~$35.9M.
In the past two days, smart money has also added $160.2K worth of ONDO.
The huge withdrawn amount from centralized exchanges (CEX) in the past 24hrs brought a good on-chain signal for ONDO.
Ondo Finance Price Prediction
The Ondo Finance price is trading with a bullish bias. The Wednesday god candle has seen ONDO break above the resistance due to the descending trendline. Boasting a higher high on Thursday, the Ondo price looks primed for a continuation of the trend, but this is pending confirmation.
For one, the Relative Strength Index (RSI) is yet to confirm the higher high above the mean level of 50. A subsequent bounce above this level could send the Ondo Finance price higher. Already, the Moving Average Convergence Divergence has moved above the orang band of the signal line. This crossover is regarded a buy signal, and therefore bullish for the Ondo Finance price.
The Ondo Finance price stuck in the Fibonacci Golden Zone (highlighted in orange). Traders looking to take new long positions on ONDO should wait for an escape above this range. Effectively, this would mean a candlestick close above the 23.6% Fibonacci retracement level of $0.9538.
In a highly bullish case, the gains could extend for the Ondo Finance price to reclaim the April highs of $1.0532.
GeckoTerminal: ONDO/USD 1-day chart
On the other hand, if seller momentum increases, the Ondo Finance price could retract. This could see it flip the 50% Fibonacci placeholder back into resistance. In a dire case where the dump extends below the 61.8% Fibonacci retracement level of $0.7929, the bullish thesis would be invalidated.
The next logical target in a southbound directional bias would be a retracement to the 78.6% Fibonacci retracement level at $0.7221. This level was last tested on May 1.
Meanwhile, investors are rushing to buy eTukTuk, a green AI crypto presale that offers an 84% Annual Percentage Yield (APY). In an analysis of the project, crypto YouTuber Jacob Bury hails TUK as a new 10X potential cryptocurrency.
Promising Alternative To The Ondo Finance
TUK powers the eTukTuk ecosystem, a project combining electric vehicles, blockchain technology, and Artificial Intelligence. This unique mix helps deliver AI-powered Tuk Tuks committed to improving not only traffic conditions but also reduce the user’s carbon footprint.
2/ Transition to Low-Carbon Transportation:
The global shift towards low-carbon transportation is driven by climate change mitigation and urban air quality improvement.
Initiatives focus on promoting EVs, public transit, walking, cycling, and shared mobility for cleaner…
— eTukTuk (@eTukTukio) April 13, 2024
The team is committed to creating a carbon-fighting environment, and does so by integrating blockchain and AI technologies. Additionally, the project promotes green transportation in a bid to accelerate the global transition to electric vehicle usage.
Sneak peek into the future: eTukTuk, the quiet ride that's turning heads in cities.
With its soft electric buzz, it's paving the way to a calmer, cleaner world.
Join us to shape the future of transportation together! 🌍🔇 pic.twitter.com/rgLlWNFla6
— eTukTuk (@eTukTukio) May 1, 2024
Such an interesting approach has amassed a huge following, with the eTukTuk presale skyrocketing past $3.3 million. The project aims to deliver its products to developing nations first, starting with Sri Lanka, and then to countries worldwide.
1/ The sustainable mobility market is booming globally as societies prioritize environmental sustainability and energy efficiency.
Let's delve into key trends and developments shaping this transformative sector 🧵 pic.twitter.com/A9ooNCSZ1k
— eTukTuk (@eTukTukio) April 13, 2024
The project is also launching a Play-To-Earn (P2E) game in which players race around the streets of Sri Lanka. While doing so, they get to pick up and drop off customers at different locations.
📢📢 EXCITING ANNOUNCEMENT 📢📢
We are thrilled to announce that our awaited game, Crazy Tuk Tuk taxi is now also available on the App store 🤩
Complete quests, earn rewards and compete in thrilling races 😎
Download now:https://t.co/E2rb7J8r2e pic.twitter.com/XXgV8Wgz0Y
— eTukTuk (@eTukTukio) April 21, 2024
To participate in the presale, you can buy $TUK at $0.0315 per token before the price increases in a little more than four days.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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