ONDO Price Surges 13% Amid Strong Buying Pressure and Key Milestones

ONDO price has recently shown signs of recovery after hitting its yearly low of $0.62 on June 22. The price has since bounced off this key support level and is now testing significant resistance, currently trading at $0.078, up 13% over the past week. The rebound was fueled by strong buying pressure, which quickly pulled the price back within the channel’s range on the 4-hour chart.

The recent price action of ONDO has also seen it climb above both the 20 Exponential Moving Average (EMA) and the 100 Simple Moving Average (SMA), with a bullish crossover forming between the two averages. This technical indicator suggests a potential shift in momentum, as the price approaches the upper boundary of the descending channel, having established a slightly higher high compared to the peak of the initial rally from the yearly low.

Momentum indicators are also leaning bullish. The Relative Strength Index (RSI) has climbed to around 59, signaling growing strength but still leaving room before entering overbought territory. The Moving Average Convergence Divergence (MACD) has formed a bullish crossover, with the MACD line moving above the signal line and shifting into positive territory. These indicators suggest that the recent price movement has been driven by strong buying pressure, which could continue to support the price as it tests key resistance levels.

Looking ahead, a breakout above the upper boundary of the descending channel, around $0.082 to $0.085, could pave the way toward the next targets near $0.090 and potentially $0.105, which correspond to the previous swing highs within the channel. On the downside, the immediate horizontal support lies at $0.072. A breakdown below this level would increase the likelihood that the price remains trapped within the channel in the near term.

The recent price rebound of ONDO comes on the heels of a string of recent milestones on the fundamental front. Notably, Ondo Finance has recently brought its tokenized U.S. Treasuries to the XRP Ledger, completed a cross-chain settlement leveraging JPMorgan’s Kinexys and Chainlink, and introduced instant conversion functionality between its OUSG fund and PayPal’s PYUSD stablecoin. These developments have likely contributed to the recent price recovery, as investors have responded positively to the company's progress.

Additionally, the company recently announced the formation of a new coalition aimed at establishing technical and compliance standards for tokenized public securities. The alliance brings together key players including the Solana Foundation, Fireblocks, BitGo, Trust Wallet, Bitget Wallet, Jupiter, and Newtoiwkr. The initiative sets the stage for the upcoming launch of Ondo Global Markets, a platform designed to enable applications and wallets to provide direct access to U.S. securities for non-U.S. traders. This development could further support the price of ONDO, as it positions the company as a leader in the tokenized securities space.

Analysts have identified that a bounce above $0.78–$0.80 could indicate the start of a bullish reversal, while a drop below $0.70 might suggest a deeper correction. This price movement is crucial as it determines the short-term direction of ONDO. The cryptocurrency has been within a downtrend channel, with key support levels tested near $0.55–$0.56. Resistance levels to watch include $0.61 and $0.68, which are Fibonacci retracement levels. These levels are critical as they provide potential barriers to further price increases. The recent price action suggests that ONDO is attempting to break out of its downtrend, but it faces significant resistance at $0.850. If buyers can push the price above this level, there is potential for further upside toward $0.870.

The price outlook for ONDO is influenced by its recent performance and the broader market conditions. The cryptocurrency has shown resilience by bouncing off its yearly low, which is a positive sign for bullish investors. However, the resistance at $0.850 remains a significant hurdle that needs to be overcome for a sustained upward movement. Investors and traders are advised to closely monitor these levels and the overall market conditions to make informed decisions.