Ondo [ONDO] The recent bullish trend has continued. The DTCC’s news pushed altcoins to new heights.
Ondo Finance has recently been reported as having completed a near real-time, cross-border redemption for OUSG. This was done in conjunction with JPMorgan Kinexys’, Mastercard and Ripple. The test transaction settled in five seconds, and took place outside of traditional banking hours.
Ondo Finance was laying the foundations for a 24 hour market. The news about this also increased the popularity of the altcoin.
You can also find out more about the following: Bitcoin [BTC] Many altcoins have taken a backward step in the last few days after recent pullbacks from $82.8k. ONDO The trend is continuing to go up.
Will this rally fail soon or can the bulls move $0.413 up to support?
Explore the long-term ONDO bearish view
AMBCrypto reported in a recent article that ONDO’s 1-day swing was bearish. The Fibonacci Retracement Level of 78.6% is $0.413, and this could result in a negative price response.
This view is still possible. CMF, A/D and other indicators have shown strong buy pressure after the breakout of the $0.28 local resistance. It is still going up.
On the 4-hour chart, momentum indicators didn’t indicate a divergence in favor of bears. It was evident that the uptrend could continue in the near-term, towards $0.413, according to the time frame of a day.
The CMF was neutral when the $0.32 zone was switched to support.
Liquidation Heatmap for the last three months CoinGlass There were no notable clusters of overhead liquidity.
The rally was not fueled by short liquidations beyond $0.35 as the majority of short liquidations were already triggered.
Trading should continue to treat this rally as one of relief until the pivot high at $0.47 has been broken. Expect rejections from the $0.41 area.
Final summary
- Ondo didn’t retrace towards $0.30, after breaking through this resistance round number. This is a remarkable example of bullish momentum.
- The current rally should be treated as a correction until it is proven wrong.
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Source: ambcrypto.com
