Rendoshi Tokamoto, a crypto analyst, recently shared insights into the Ondo (ONDO) token’s price action via his X account, highlighting its potential to break a prolonged downtrend.
$ONDO Looking to break 4 month downtrend. Still the biggest RWA project in crypto. they haven't launched OGM yet, which has the potential to be the largest financial crypto product ever created. pic.twitter.com/ALxcXuR2qm
— Rendoshi Tokamoto (@Rendoshi1) September 23, 2024
Ondo has shown promising signs of recovery after a four-month decline. Despite its recent price action, ONDO has yet to launch its anticipated financial product, Ondo Global Markets (OGM), which is expected to be a game changer for the crypto space.
Ondo Price Action and Recent Breakout
The ONDO/USDT pair on KuCoin has been following a downward trend since April 2024, as illustrated by a descending trendline connecting lower highs. According to Rendoshi Tokamoto’s chart, the price has consistently tested the $0.68 level, which acted as a key support.
Source: Rendoshi Tokamoto
Nevertheless, recent trends indicate that ONDO has been able to get past this level with the current price at $0.74217. This is a technical analysis on a chart, which shows that the price has broken through the descending trendline, which is seen as positive in terms of the further development of the trend.
The figure provided by Tokamoto has a green arrow suggesting that there could be more upward movement. This may very well take ONDO to higher resistance levels within the $2.00 to $3.00 range. These resistance levels have been of great interest to traders who are trying to predict the token’s future behaviour in the next few weeks.
RSI and MACD Indicators Show Positive Momentum
Two key technical indicators, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), have supported this bullish outlook. The RSI currently reads 63.34, approaching overbought territory but still providing room for upward movement. The price has not yet hit extreme levels that would indicate an imminent correction, suggesting potential for further gains.
Source: TradingView
The MACD on an hourly chart of ONDO/USD also shows a bullish crossover, with the MACD line crossing above the signal line. This crossover often signals a shift toward buying pressure, further supporting the case for a potential upward trend.
However, the MACD histogram remains mixed, reflecting both bullish and bearish momentum, indicating that traders should be cautious of potential fluctuations in the short term.
Ondo Price and Market Overview
As of the latest update, ONDO is trading at $0.743475, up 3.02% over the past 24 hours. The token’s 24-hour trading volume is approximately $471,857,089, reflecting significant interest and liquidity in the market.
Source: CoinMarketCap
Ondo is currently listed at the 67th position within the CoinMarketCap and has a live market capitalization of more than $1 billion. At the time of writing, the circulating supply of ONDO is 1.38 billion while the max supply of the token is still unknown which gives a sort of negative outlook on the token’s future.
However, a pullback may find support at the $0.75500 level while the bulls push for a move through the previous resistance at $0.76000. This level has been implemented in the previous sessions, but it could not be maintained. This is possible if ONDO is able to break through this resistance level and rally to the higher price region of between $2.00 and $3.00, as some experts have suggested.
The post ONDO Price Prediction September 24: ONDO Breaks $0.68 Support, Eyes $2.00 Resistance as Momentum Builds appeared first on Coinfomania.
