ONDO Price Recovers From Heavy Sell Pressure, Set Sights on Reclaiming $2

Key Takeaways

• ONDO’s price increased by 15% in the last 24 hours and has reclaimed the $1 mark.
• On-chain data shows strong support near $0.56, indicating a potential extended rally.
• The AO reveals bullish momentum, indicating that the price increase might continue.
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ONDO’s price has struggled since it breached the $2 mark on Dec. 16, 2024. This struggle happened due to a lack of demand and high selling pressure around the token.

As a result, the value dropped to $0.90 earlier this week. However, the last 24 hours have seen ONDO’s price recover from this drop as it has retested the crucial $1 mark.

The recovery comes as market sentiment improves, helping ONDO regain lost ground after a period of heightened volatility. But can ONDO maintain this momentum?

ONDO Finds Balance After Decline

ONDO’s price has increased by nearly 15% since Tuesday, March 4. This brings the price up to $1.02 after it crashed below this point on Monday.

Following the development, IntoTheBlock data shows that ONDO might extend this rebound beyond $1. One indicator that supports this outlook is the Global In/Out of Money (GIOM).

The GIOM group addresses are based on the average purchase price, forming clusters by address count or volume. Larger clusters indicate stronger support or resistance at those price levels.

In simpler terms, the higher the volume at a price range in the money (green), the stronger the support. On the flip side, when the volume out of the money (red) is higher, it indicates resistance.

As of this writing, ONDO’s major support lies around $0.56. Nearly 13,000 addresses bought almost 7 billion tokens at this price, holding unrealized profits.

This volume is higher than those accumulated between $1.08 and $2.05. Therefore, as ONDO’s price holds the $1 support, it is unlikely to experience any major resistance as long as market sentiment remains bullish.

If this remains the case, ONDO’s price could inch closer to the $2 mark in the mid-term. Like the data from IntoTheBlock, Santiment’s on-chain analysis supports this outlook.

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At press time, the price Daily Active Addresses (DAA) divergence remained in positive territory. This implies that user participation on the Ondo network has increased.

If sustained, this could help the price evade another correction in the short term.

ONDO Price Eyes New Peak

From a technical perspective, ONDO’s price seems to hit the bottom, according to signs from the daily chart. In this timeframe, the lower highs and lower lows are contracting, indicating that the $1 region might support the token.

In addition to that, the Awesome Oscillator (AO) shows green histogram bars, indicating bullish momentum. Should this stay the same, ONDO could break above the 0.618 Fibonacci level at $1.31.

If that happens, the cryptocurrency’s value could rise to $1.63. Besides, if the broader market condition improves, ONDO could rise to $2.15, forming a new high in the process.