ONDO trades close to its ATH: Should you invest today?

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  • ONDO’s terms dropped by much than 1.4% successful the past 24 hours. 
  • The buying unit connected the token was high.

While respective cryptos showered investors with profits successful the past 24 hours, ONDO had different plans. This was the case, arsenic its terms declined during that time.

However, investors shouldn’t beryllium disheartened, arsenic ONDO was resting astatine a important level, which could initiate a bull rally soon. 

Should you bargain ONDO?

According to CoinMarketCap’s data, ONDO’s terms turned bearish connected 7th July arsenic its worth dropped by much than 1.4% successful the past 24 hours. At the clip of writing, the token was trading astatine $0.9838 with a marketplace capitalization of implicit $12.36 billion.

AMBCrypto’s look astatine IntoTheBlock’s information revealed that 65% of ONDO investors were successful profit, which accounted for much than 34k addresses.

Source: IntoTheBlock

Meanwhile, Mister Crypto, a fashionable crypto expert and investor, precocious posted a tweet highlighting an absorbing development. As per the tweet, the token’s terms was resting wrong a enactment range.

A palmy trial could kickstart a monolithic bull rally, which mightiness let the token to retest its June highs. Therefore, this mightiness conscionable beryllium the close accidental for investors to bargain the token portion its terms is low. 

Source: X

Buying unit is already high

Since this seemed to beryllium a bully accidental to accumulate ONDO, AMBCrypto analyzed Santiment’s information to find retired whether investors person already started to bargain the token.

We recovered that the token’s speech outflow spiked, hinting astatine precocious buying pressure.

Additionally, its proviso connected exchanges dropped portion its proviso extracurricular of exchanges increased. This further established the information that investors were stockpiling ONDO. 

Buying unit   connected  ONDO increased

Source: Santiment

AMBCrypto’s investigation of the token’s regular illustration revealed yet different bullish signal. We recovered that a bullish emblem signifier formed connected the token’s chart.

After reaching an all-time precocious successful June, the token’s terms started to consolidate wrong the pattern. A palmy breakout mightiness archetypal let the token to interaction $1.237 earlier its eyes retest its ATH.

The method indicator Chaikin Money Flow (CMF) registered an uptick. Additionally, the Money Flow Index (MFI) besides went northwards towards the neutral mark, indicating the anticipation of ONDO successfully investigating the bullish emblem signifier was high.

Nonetheless, the MACD displayed a wide bearish vantage successful the market. 

Source: TradingView

Read ONDO’s Price Prediction 2024-25 

Our investigation of Hyblock Capital’s information revealed that the token’s liquidation would accrued adjacent $1.079. Therefore, it would besides beryllium important for the token to interruption supra that mark, arsenic precocious liquidation often results successful short-term terms corrections.

If that happens, past the roadworthy towards its ATH would beryllium beauteous clear. However, if the bears dominate, past the token’s terms mightiness autumn to $0.88. 

Source: Hyblock Capital

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