ONDO Surges 73% as 78.68% of Binance Traders Bet Long

ONDO, a utility token, has recently garnered significant attention from traders and investors, with 78.68% of Binance traders betting on long positions. This bullish sentiment is driven by a strong reversal in ONDO's price, which has surged by 73% after breaking down a key support level. The token is now teetering on the edge of a breakout, forming a bullish price action pattern.

A well-followed crypto expert has predicted that ONDO could see a 40% to 50% price uptick in the coming weeks if it closes above the $1.20 level on a daily basis. At the time of reporting, ONDO's price was strong at $1.07, having risen 4% over the past 24 hours. This bullish setup has led to a surge in investor participation, with ONDO's 24-hour trading volume soaring by 60% compared to the previous day.

Technical analysis suggests that ONDO is in an uptrend, but past performance indicates that the current level is a strong area of selling pressure. However, the sentiment and overall market structure are different this time, and multiple retests of this level may have weakened it, potentially allowing the asset to breach this level more easily. If ONDO closes above the $1.15 level, it has the potential to soar by 38%, reaching the $1.60 level and opening the path for a massive price rally.

Despite the bullish sentiment, the Relative Strength Index (RSI) stands at 75, indicating that ONDO is in overbought territory and could face a potential correction. However, if the bullish sentiment remains unchanged, the RSI alone may not control ONDO from breaching this key level. Investors are also aligning with the current market sentiment, with $1.20 million worth of ONDO tokens leaving the exchanges over the past 24 hours, suggesting potential accumulation and creating buying pressure and upside momentum.