Ondo (ONDO) has seen a significant surge in price, reaching its all-time high (ATH) after a bullish period over the past 24 hours. During this rally, ONDO experienced a growth of over 10% and secured the second spot on CoinMarketCap’s list of top gainers in the last day.
The ONDO price began to rise after finding support at its lowest level of $1.22 within the past 24 hours. This price rally is in line with the overall increase in price observed over the past 30 days. Furthermore, the price has risen by an impressive 74% from its lowest point of $0.7369.
As of now, ONDO continues to trade at its ATH, indicating a 10.46% increase from the support level, with a trading price of $1.40687. This surge represents a staggering 1520% rise from its all-time low, which was observed approximately four months ago on January 18.
In addition to the increase in price, the market cap and 24-hour trading volume have also seen a boost. The market cap has risen by 9.50% to reach $1.9 billion, while the 24-hour trading volume has increased by 23.15%, surpassing $280 million.
The analysis of derivatives related to the ONDO price rally continues to reflect the upward trend of ONDO. The derivative market volume for ONDO has increased by 9.47% to $377.47 million, and the open interest (OI) has risen by 10.26% to $250.07 million.
Looking at the ONDOUSD price chart, the Bollinger bands have expanded, indicating increased volatility. The middle and lower bands of the Bollinger bands are situated at $1.40, $1.04, and $0.68838, respectively.
The candles on the charts, which contribute to the positive market outlook, continue to trade near the upper Bollinger band. This band is positioned above the middle band (20-day SMA) and is supported by a consistent upward movement in price.
However, it is worth noting that ONDO’s Relative Strength Index (RSI) is currently at 74, indicating an overbought region. This suggests that investors who wish to take profits due to ONDO’s overbought status may start selling, potentially triggering a price drop and consolidation.
Despite the overbought appearance, the Chaikin Money Flow (CMF) remains in the positive region with a value of 0.19. This indicates that liquidity is still entering the market through ONDO, and can be interpreted as a continued buying trend.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies, and should conduct their own research.
