The cryptocurrency market is currently undergoing a sharp correction following a month-long bullish rally that saw Bitcoin ($BTC ) reach a record high of $103,000. Over the past 24 hours, BTC has dropped below $97,000, with total liquidations surpassing $1.69 billion, according to Coinglass.
This downturn has affected major altcoins, including $XRP and Cardano ($ADA ), both of which have recorded losses exceeding 10%.
Amid the broader sell-off, Ondo ($ONDO), a Real-World Asset (RWA) token, has demonstrated notable resilience. Trading at $1.62, ONDO has posted minor gains of approximately 2% despite the market headwinds. The token has rebounded from a 24-hour low of $1.38, showcasing strength against the prevailing bearish sentiment.
Whale Accumulation Bolsters ONDO
Data from Spotonchain highlights significant whale activity during the market dip. A newly created wallet purchased 10.978 million ONDO tokens for 4,611 ETH (valued at $17.1 million) at an average price of $1.553. This transaction, detected 11 hours ago, provided ONDO with substantial support, enabling it to recover swiftly from intraday losses.
Technical Outlook: Key Levels to Watch
While ONDO's performance has been encouraging, it faces critical resistance zones ahead. To maintain upward momentum, the token must decisively break through the $1.65 resistance level and the descending trendline near $1.70. Successfully surpassing these barriers could set ONDO on a renewed bullish trajectory.
However, failure to clear these resistance levels may lead to increased downside risk, particularly in light of the bearish sentiment dominating the broader cryptocurrency market.
Conclusion
As the market continues to grapple with heightened volatility, ONDO's ability to withstand the downturn, buoyed by whale accumulation, offers a glimmer of optimism. Nevertheless, traders should exercise caution as the token navigates key resistance levels that could determine its near-term direction.
For now, ONDO remains a standout performer in an otherwise turbulent market.
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