- ONDO token is showing bullish technical signals with an ascending triangle formation and is currently testing key resistance at $1.00.
- The RWA token has gained 32% in the past 30 days and is trading around $0.97, though it has lagged behind other RWA tokens like Mantra (OM) which surged over 100% in a week.
- A similar breakout pattern occurred in May 2024 when ONDO surged over 50% after breaking resistance, suggesting potential for a repeat performance.
- If ONDO breaks past the $1.00 resistance level, analysts target the next resistance around $1.47, representing a potential 50%+ increase from current levels.
Date: Sun, Nov 17, 2024, 06:40 AM GMT
The cryptocurrency market has been riding a wave of optimism since Donald Trump’s victory in the U.S. elections on Nov 5. This event fueled a surge in Bitcoin (BTC), which hit a new all-time high of $93,474. Alongside Bitcoin’s rise, several altcoins have started to rally, with the Real World Assets (RWA) token category seeing significant attention.
Mantra (OM), a leading RWA token, has been a standout, surging over 100% in just the last week. However, the second-ranked RWA token, ONDO, has been slower to join the bullish movement. Despite this, ONDO has still managed to gain 32% in the past 30 days and is currently trading around $0.97.
Bullish Signals for ONDO:
ONDO is showing some promising technical signals. The token has formed an ascending triangle, a chart pattern often seen before a price breakout. It’s currently testing a key resistance level of $1.00, which has been a point of struggle for the token in the past.
A similar breakout occurred in May 2024, when ONDO surged over 50% after breaking through resistance. With the current setup mirroring that earlier pattern, ONDO could potentially break past the $1.00 level, targeting the next resistance around $1.47—an increase of over 50% from its current price.
Could a Rally Be on the Horizon?
If ONDO follows through with a breakout, a significant rally could be on the cards. Investors will be watching closely to see if the token can sustain its bullish momentum and push toward higher resistance levels.
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