ONDO Rebounds After Yearly Low
The price of ONDO, Ondo Finance’s cryptocurrency, has recently rebounded from its lowest level of the year. Currently trading at $0.078, the token shows a 13% increase over the past week. After briefly dropping below the bearish trend on the 4-hour chart, the price has sharply recovered from the $0.62 low observed on June 22. This rebound was accompanied by significant volume, indicating strong buying pressure that quickly brought the price back within the channel range.
In recent trading sessions, ONDO’s price has moved back above the 20-day exponential moving average (20 EMA) and the 100-day simple moving average (100 SMA), forming a bullish configuration between these two indicators. The price is now approaching the upper boundary of the bearish channel, establishing a slightly higher high than the peak of the first rebound from the yearly low.
Technical indicators are also displaying positive signals. The Relative Strength Index (RSI) has climbed to approximately 59, demonstrating increasing strength while still leaving room before entering the overbought zone. The MACD has generated a bullish signal, with the MACD line crossing above the signal line and moving into positive territory.
Outlook and Key Levels
A breakout above the upper boundary of the bearish channel, around $0.082-0.085, could pave the way toward the next targets near $0.090 and potentially $0.105, corresponding to previous peaks within the channel. To the downside, immediate horizontal support sits at $0.072. A break below this level would increase the likelihood that the price remains trapped in the channel in the short term.
This rebound in ONDO’s price comes amid recent positive fundamental developments. Ondo Finance has notably launched tokenized US Treasury bonds on the XRP Ledger, executed a cross-chain settlement with JPMorgan and Chainlink, and facilitated instant conversion between its OUSG fund and PayPal’s PYUSD stablecoin.
Additionally, the company announced the creation of the Global Markets Alliance, a new coalition aimed at establishing technical and compliance standards for tokenized public securities. This initiative brings together key players such as the Solana Foundation, Fireblocks, BitGo, and Trust Wallet, and sets the stage for the upcoming launch of Ondo Global Markets, a platform designed to provide non-US investors with direct access to US securities.
