- ONDO token gained nearly 2% and held ground at $1.62 while major altcoins like XRP and ADA dropped over 10% amid a broader crypto market correction.
- A whale purchased 10.978 million ONDO tokens worth $17.1 million during the market dip, creating upward price pressure and swift recovery from $1.38 low.
- The crypto market faces sharp correction with Bitcoin dropping below $97K from $103K high and total liquidations reaching $1.69 billion in 24 hours.
- ONDO needs to break resistance at $1.65 and descending trendline near $1.70 to sustain bullish momentum, otherwise faces potential further downside.
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.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
