Date: Tue, Dec 10, 2024, 07:07 AM GMT
The cryptocurrency market is undergoing a sharp correction after a bullish rally over the past 30 days that propelled Bitcoin (BTC) to an all-time high of $103K. In the last 24 hours, BTC has dropped below $97K, and the total liquidation has reached $1.69 billion, according to Coinglass.
Amid this downturn, major altcoins have also suffered significant losses, with XRP and Cardano (ADA) both down by over 10%.
However, Ondo (ONDO), the Real-World Asset (RWA) token, has managed to stand out, holding its ground with minor gains of near 2%. Currently trading at $1.62, ONDO has rebounded from its 24-hour low of $1.38, demonstrating resilience against the broader market trend.
Whale Accumulation
According to Spotonchain, a significant ONDO purchase was detected during the market dip. A whale created a new wallet 11 hours ago and used it to buy 10.978 million ONDO tokens for 4,611 ETH ($17.1 million) at an average price of $1.553.
This sizable acquisition during the market crash has bolstered ONDO’s price, allowing it to recover swiftly.
What’s Next for ONDO?
Despite the recent gains, ONDO faces critical resistance levels ahead. To sustain its momentum, ONDO needs to break through the $1.65 resistance zone, marked in red on the chart, as well as the descending trendline near $1.70. If these levels are surpassed, ONDO could regain its bullish trajectory.
However, failure to overcome these barriers might increase the chances of further downside, given the prevailing bearish sentiment in the market.
As the broader crypto market experiences turbulence, ONDO’s resilience and whale support may offer a glimpse of optimism, though traders should remain cautious.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.