Ondo (ONDO) has seen a significant price movement, reaching its highest value ever after a bullish run over the past 24 hours. The cryptocurrency experienced a more than 10% increase, placing it second on CoinMarketCap’s top gainers list for the day.
How Has ONDO Price Changed?
ONDO’s price began to rise after finding support at its lowest level of $1.22 in the past day. The recent surge aligns with a broader trend seen over the last month. From a low of $0.7369, ONDO’s price has increased by over 74%.
At the time of writing, ONDO continues to trade at its peak value of $1.40687. This represents a 10.46% increase from its support level and marks a staggering 1520% rise from its all-time low recorded four months ago on January 18.
What Are the Market Reactions?
The recent price increase has also positively affected ONDO’s market capitalization and 24-hour trading volume. The market cap rose by 9.50% to $1.9 billion, while the trading volume surged by 23.15%, exceeding $280 million.
Key Takeaways for Investors
– Derivative market volume for ONDO increased by 9.47%, reaching $377.47 million.
– Open interest rose by 10.26%, totaling $250.07 million.
– Bollinger bands indicate high volatility, with the middle and lower bands at $1.40, $1.04, and $0.68838, respectively.
– Relative Strength Index (RSI) is at 74, suggesting an overbought market, which could lead investors to take profits and trigger a price drop.
– Chaikin Money Flow (CMF) values at 0.19, showing positive liquidity and continued market entry.
Despite appearing overbought, the market outlook remains positive as ONDO continues to draw liquidity, as indicated by the positive CMF. However, investors should be cautious of potential profit-taking that could lead to price consolidation.