The price of Ondo Finance (ONDO) has been steadily rising since its launch in January, with a string of higher highs. The token's success is likely tied to the real-world asset (RWAs) craze, with ONDO joining the likes of Polymesh (POLYX), XinFin Network (XDC), Mantra DAO (OM), and Opulent (OPUL). .
Ondo Finance's TVL skyrocketed
ONDO price has increased 13% in the past 24 hours, pushing its market capitalization to $1.41 billion.
When the market capitalization of a cryptocurrency increases, it shows that the overall value of that cryptocurrency has increased. This increase can be driven by many factors such as increased demand from investors, positive news or developments related to the cryptocurrency project, adoption from mainstream institutions, or overall market sentiment.
A higher market capitalization usually indicates more investment in cryptocurrency and it is becoming increasingly popular and accepted in the market. This is the case with ONDO.
Along with the increase in price and market capitalization, Ondo Finance's total value locked (TVL) also skyrocketed to $420.89 million. This is a significant achievement, considering the project has only been out for five months.
TVL has increased 20% since the beginning of May at $352.67 million, and 40% in the past 30 days from $303.35 million on April 17.
TVL of Ondo Finance | Source: DefilLama
TVL increase refers to the increase in the total value of crypto assets locked in DeFi protocols or platforms. TVL represents the total value of all crypto assets being used for various purposes in the DeFi ecosystem, such as lending, borrowing, liquidity provision, yield farming, and other activities. Other decentralized finance.
An increase in TVL is often considered a positive indicator for the DeFi space as it signifies growing interest and participation in decentralized finance applications. It can be driven by factors such as growing adoption of DeFi platforms, new projects launching innovative products, attractive returns and incentives offered to users, and overall market trend.
ONDO's popularity stems from its classification under RWA tokens. This sector tokenizes established commodities from traditional finance and brings them into the DeFi space using blockchain technology.
Among the top five RWA financial platforms poised to change the game, Ondo Finance is already a strong platform, showing significant strength on the charts.
It facilitates the creation of decentralized fund management strategies. It allows for diversification of exposure across various DeFi assets.
The platform splits profits and interest between fixed and variable parts, providing options for both conservative and adventurous investors. Ondo improves liquidity provision by offering structured products in DeFi investing.
Technical analysis: ONDO price is ready to increase further
ONDO price remains above the golden Fibonacci zone, with the most important retracement level, 61.8%, providing critical support at $0.7239. Immediate support is the 78.6% Fibonacci retracement level at $0.8673.
With ONDO price facing resistance due to the Fibonacci retracement indicator's trendline, increased buying momentum could help the price overcome this barrier to reclaim the $1.0500 peak, last checked on March 31. Such a move would constitute a 10% escalation from current levels.
The Relative Strength Index (RSI) is rising, suggesting rising momentum. Its position above the 50 average also emphasizes the bullish theory. Notably, the Awesome Oscillator (AO) has moved into above-average positive territory, suggesting that bullish sentiment is strong.
ONDO price chart 1 day | TradingView
Conversely, if rejected from the trendline, ONDO could lose the support provided by the 78.6% Fibonacci retracement at $0.8673. If the next support provided by the Smooth Moving Average (SMMA) at $0.8240 fails to hold, ONDO price could drop to the 61.8% Fibonacci retracement level at $0.7239.
If the price falls below this base, ONDO will enter the Golden zone, but the bullish theory is only invalidated when the daily candle closes below the 50% Fibonacci level at $0.6232. This would represent a drop of nearly 35% from current levels.
Source: https://tapchibitcoin.io/tvl-cua-ondo-tang-voi-von-hoa-thi-truong-dat-132-ty-nho-tien-ich-manh-me-trong-rwa.html
