to leave a comment.
▲ ONDO/Source: X ©
ONDO, which has emerged as a hot topic in the market by joining a real-world asset tokenization project led by Wall Street's massive capital, is currently on an unstoppable 5-day consecutive rally. With the influx of enormous institutional capital, key indicators in both trading volume and the derivatives market have simultaneously hit multi-month highs, fueling expectations that the prelude to an explosive bull market is beginning.
According to investment media outlet FXStreet on May 5 (local time), ONDO is currently trading above $0.316, firmly establishing a short-term bullish bias. The key driver behind this upward momentum is the news that ONDO has been officially selected for an industry working group by the Depository Trust & Clearing Corporation (DTCC) to promote tokenization within the United States. Immediately after the partnership announcement, ONDO's price surged by over 9% during Monday's trading session.
The DTCC is a critical infrastructure in the global capital market, holding over $114 trillion in assets and clearing $3,700 trillion annually. ONDO has become one of the key design partners in this giant institution's process of building tokenization services to bring the core of the U.S. capital market on-chain. The media outlet evaluated this collaboration as a massive positive catalyst that will fundamentally boost ONDO's institutional credibility and adoption rate, driving long-term token value appreciation.
According to on-chain data analysis platform Santiment, ONDO's trading volume surged to $278.49 million on Tuesday, marking its highest level since mid-October. The derivatives market is also heating up. CoinGlass data shows that ONDO's Open Interest on exchanges soared from $98.88 million on Saturday to $158.51 million on Tuesday. This indicates a significant influx of new buying capital into the market, supporting a strong further rally.
From a technical perspective, buyers' strong control is evident. ONDO has secured robust support above the 50-day and 100-day exponential moving averages, which are key indicators supporting an uptrend. The Moving Average Convergence Divergence (MACD) on the daily chart is also rising above the 0 line, confirming positive buying pressure. However, with the Relative Strength Index (RSI) hovering around 78 in the deeply overbought territory, there's also a possibility of a temporary breather or correction phase after the recent sharp rise.
If further upward movement continues, the first resistance level is the 50% Fibonacci retracement at $0.336, and breaking this could quickly extend the rally to the 61.8% level at $0.368. If buying pressure extends the trend, $0.402, where the 200-day exponential moving average is located, and the 78.6% retracement level at $0.413 are expected to act as significant resistance zones. Conversely, if downward pressure intensifies, $0.304 will serve as the first line of defense, and if this support level breaks, the price could fall to $0.270 and $0.265, ultimately reaching the last stronghold at $0.241.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.