ONDO technical setup signals breakout potential toward $1.17123 price level
- ONDO posts modest daily gains despite steep weekly losses.
- Trading volume drops sharply, hinting at reduced short-term activity.
- Ondo Finance Global Markets nears $300 million TVL in just three weeks.
- Price action shows the token at a critical support zone with upside potential.
ONDO continues to capture investor attention as it navigates a volatile trading environment. The token has gained almost 1.56% over the last 24 hours, reflecting broader market sentiment. However, the weekly performance tells a different story, with the asset slipping by nearly 12.56%.
At the time of writing, the token is trading at $0.8906. Its 24-hour trading volume sits at $112.38 million, marking a sharp decline of 44.47% compared to the previous day. The market capitalization stands at $2.8 billion, placing the token among notable projects in the space. The current price dynamics suggest cautious optimism, with short-term gains offsetting broader weekly losses.
The mixed performance signals a struggle between bullish buyers and cautious sellers. Investors are closely monitoring whether the token can hold momentum or face more downward pressure.
Also Read: Ondo Price Eyes $1.1693 Resistance After USDY Stellar Launch
Ondo Finance Global Markets Accelerates Growth
While price activity fluctuates, Ondo Finance Global Markets is showing rapid expansion. Within three weeks of launch, the platform is closing in on $300 million in total value locked (TVL). This achievement represents 16.43% of the entire Ondo real-world asset (RWA) ecosystem.
The broader ONDO ecosystem has now reached an all-time high of $1.69 billion in TVL, underlining the strong inflow of capital into its products. Despite this growth, market awareness remains limited, leaving room for broader adoption and recognition.
The surge in TVL points to strong early traction and positions Ondo Finance as a rising contender in the decentralized finance (DeFi). Its quick ascent demonstrates investor appetite for RWA integration and the growing trust in ONDO’s offerings.
Technical Levels Define ONDO’s Next Move
Technical analysis shows the token at a decisive juncture. The token is currently trading around $0.8907, slightly below the 0.5 Fibonacci retracement at $0.89672. The chart reveals a potential ABC corrective structure, with price stabilizing in a key support zone between $0.8500 and $0.8800.
If the token manages to achieve a close above $0.89672, the way lies open to higher resistance levels at $0.96150, $1.00158, and $1.04166. A break through these levels might instigate a bullish turnaround and a possible return of the price to the recent high level of $1.17123. Recent long lower wicks indicate buyer interest, lending strength to the above scenario.
On the downside, a violation of the $0.89672 level could expose the token to support levels of $0.83193, $0.78581, and $0.73969. Another decline through $0.7500 should break the bull’s stance and suggest a greater retracement back to $0.62220.
For now, the token remains at a pivotal level. A break above the barrier has the potential to energize a new rally, while a rejection has potential bearish confirmation. Traders should watch volume developments along with candlestick signals closely before trading.
Also Read: ONDO Price Analysis: Can Bulls Break $1.00 and Push Toward $1.13 Target?
