ONDO Price Hits Record High

ONDO

Ondo (ONDO) price has seen significant movement, reaching its all-time high after a strong rise in the last 24 hours. During this rally, ONDO’s price increased by over 10%, making it the second-highest gainer on CoinMarketCap’s list for the past day.

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The ONDO price has reached an all-time high after a 10% increase, while the market cap has risen by 9.50% to $1.9 billion. The Relative Strength Index (RSI) indicates that the stock is in the overbought region, suggesting potential profit-taking.


ONDO Price Surge and Market Performance

ONDO started to rise after finding support at its lowest level of $1.22 in the last 24 hours. The price rally aligns with the increase seen over the last 30 days. On the other hand, the price has risen over 74% from its low level of $0.7369.

As of the time of writing, ONDO continues to trade at its all-time high. This level indicates a 10.46% increase from the support level, trading at $1.40687. The increase marks a 1520% rise from the all-time low seen about four months ago on January 18.

Meanwhile, the price increase also boosted the market cap and 24-hour trading volume. The market cap rose by 9.50% to $1.9 billion, while the 24-hour trading volume increased by 23.15% to surpass $280 million.

Analysis of ONDO Price Rally and Derivative Market

The data analysis of derivatives related to the ONDO price rally continues to reflect ONDO’s upward trend. The derivative market volume for ONDO increased by 9.47% to $377.47 million. Additionally, open interest (OI) rose by 10.26% to $250.07 million.

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In the ONDOUSD price chart, the Bollinger bands have expanded, indicating increased volatility. The middle and lower bands of the Bollinger bands are located at $1.40, $1.04, and $0.68838, respectively.

The candles on the charts, contributing to the positive market outlook, continue to trade near the upper Bollinger band, which is positioned above the middle band (20-day SMA) and supported by a continuous upward price movement.

Meanwhile, ONDO’s Relative Strength Index (RSI) is at 74, indicating an overbought region. Therefore, investors who may want to take profits due to ONDO being overbought could start selling, potentially triggering a price drop and consolidation.

Despite the overbought appearance in the market, the Chaikin Money Flow (CMF) – which shows the liquidity entering the market through ONDO – remains in the positive region with a value of 0.19, indicating that money is still entering the market. This can also be interpreted as continued buying.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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