Real-world asset (RWA) token ONDO soared to a new all-time high of $2.14 during the Asian session on Monday (16). The rally followed news that Donald Trump’s crypto project World Liberty Financial purchased 134,216 ONDO tokens for $250,000.
With an increasing bullish bias, the ONDO token price is poised to extend its near-term gains. This review details why.
Ondo hits new highs thanks to Donald Trump
According to on-chain analytics platform Arkham Intelligence, Donald Trump's crypto project World Liberty Financial spent $250,000 to acquire 134,216 ONDO tokens via Cow Protocol during the early hours of Monday morning (16) in Asia.
The tokens were purchased at an average price of $1.83, triggering a short-term surge in ONDO’s price following the significant acquisition. This took the RWA-based token to an all-time high price of $2.14 before experiencing a slight correction.
However, ONDO is still up 17% and stands out as the biggest gainer in the market. This price increase accompanies a corresponding growth in ONDO's daily trading volume, which rose by more than 120% during the period analyzed.
ONDO Price and Trading Volume. Source: Santiment
Volume and OBV highlight strong accumulation and interest in the asset
However, when an increase in trading volume accompanies an asset’s price rally, it indicates strong market interest and participation. It suggests that real demand for the asset is underpinning the price increase, rather than it being driven solely by speculation. Furthermore, this combination points to the potential for sustained upward momentum as more traders are actively buying the asset.
ONDO’s rising On Balance Volume (OBV) confirms this accumulation trend. At press time, it is at a seven-month peak of 1.74 billion, up 3% in the past 24 hours.
ONDO OBV. Source: TradingView
The OBV indicator tracks the cumulative volume of an asset. It adds volume on up days and subtracts it on down days to measure buying and selling pressure. Additionally, when OBV rises during a price rally, it indicates a price increase supported by strong buying interest, suggesting that the uptrend may continue.
ONDO Price Prediction: There is Room for More Growth
On the daily chart, ONDO is trading at $2.05, slightly below its all-time high of $2.14, which forms a resistance level. However, a successful breakout above this resistance will propel ONDO price to new highs.
ONDO Price Analysis. Source: TradingView
However, if profit-taking activity resurfaces, this bullish projection will be invalidated. In such a scenario, the ONDO token price will lose its recent gains and fall towards $1.79, its next important support level.
The article ONDO breaks record after Trump project buys token was first seen on BeInCrypto Brasil.
