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ONDO Reaches New All-Time High, Enters Top 100 – Is $1 Next?

Last Updated March 21, 2024 3:23 PM
Valdrin Tahiri
Last Updated March 21, 2024 3:23 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • ONDO entered the top 100 cryptocurrencies ranked by their market capitalization on March 21.
  • The price has increased by over 120% the past two days, reaching a new all-time high.
  • As ONDO’s value rises, investors contemplate if it has potential to surpass $1.

The ONDO price has increased by nearly 900% since its launch on January 18. While the upward movement was initially gradual, ONDO accelerated its rate of increase on March 19.

What factors ignited this rise, and can ONDO sustain this momentum toward $1?

What Is ONDO?

ONDO is the native token of the Ondo DAO. The Ondo DAO  is a decentralized autonomous organization where ONDO token holders govern economic parameters and smart contract upgrades through a two-stage process of forum discussions and on-chain voting.

The two-stage process involves forum discussions where governance proposals are posted for community feedback, followed by on-chain voting using Tally, where ONDO token holders cast votes based on their ownership to finalize and execute proposals.

ONDO launched in January 18, and in a little over two months, it entered the top 100 cryptocurrencies ranked by their market capitalization. The token has a total supply of 10 billion and a circulating supply of 1.38 billion, slightly less than 14% of the total supply. However, nearly all of the remaining supply is locked  for more than a year.

ONDO Price Prediction: Can Price Reach $1?

The ONDO price has increased alongside an ascending support trend line since its launch on January 18. More recently, the trend line was validated on March 19 (green icon), accelerating the rate of the upward movement. Since then, ONDO has increased by 120%, culminating with a new all-time high price of $0.83 on March 21.

ONDO Price Movement Toward $1
ONDO/USDT 12-Hour Chart | Credit: TradingView

The wave count suggests ONDO is in the fifth and final wave of the upward movement that started the increase. Wave five has extended and could soon reach the same length as waves one and three combined, culminating with a high of $0.96. If wave five extends further, the next resistance will be at $1.31. This will give wave five 1.61 times the length of waves one and three combined.

Despite being in overbought territory, the 12-hour RSI is increasing and has not generated any bearish divergence.

ONDO Could Soon Reach $1

ONDO has shown considerable strength by increasing over 120% in the past two days. The price reached a new all-time high today. If the increase continues, the next targets are at $0.96 and $1.13.

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