Ondo crypto (ONDO) addresses dramatically rose in the last 24 hours. First recorded at 935 addresses, they hit a record of 4,559, growing by 390%.
This significant surge showcases a robust spike in user interest and engagement within the ONDO network. Such a sharp increase is usually motivated by pivotal developments, especially with the recent link-up with Stellar to bring new developments.
The integration aims to bring high-yield, real-world assets (RWAs) to Stellar’s stablecoin-driven economy. With over 425,000 users and a payment volume $32 Billion in 2024, Stellar stands as a key platform for cross-border transactions.
This sudden upswing can be directly attributed to this new development in the ONDO ecosystem, which enhances network activity and, thus, the adoption rate.
ONDO Crypto Price Movements in Tandem
Along with adding more new addresses, ONDO’s price has generally increased. The digital asset was up about 2% on the day of the address surge, with the ONDO price standing at $0.8432 as of press time. This positive price movement has led the market cap to a high of $2.66 Billion.
Price movements such as these are often accompanied by increased user activity and investor sentiment. This indicates that investors are confident that ONDO’s market potential is strong.
The nuance of the investor sentiment is optimistic growth or speculation surrounding the current and forthcoming positive announcements.
Market capitalization is on the rise, which attributes more price to ONDO in the view of potential investors and makes the token look more visibly favorable.
Technical Analysis and Price Predictions
An in-depth analysis of Ondo crypto’s price charts shows a fluctuating trend as the price appears variable. The price has recently been around $0.90 to approximately $1.10.
Yet, around February 27th, the trend became more bearish, as evidenced by the descending channel pattern. This downtrend consists of lower and lower highs, which means further intense selling pressure exists. The Ondo Finance price dropped from about $0.95 to support at around $0.80.
The Awesome Oscillator (AO) confirms the bearish momentum during this period. As the price dropped, the intensity of the red bars increased.
The AO bars transitioned from red to green. This implies the bearish momentum is waning and could mean a reversal sign on the current prices.
In line with this, ONDO crypto’s chart has a slight recovery as the price makes a marginal upward move to break out of the descending channel.
However, it is still under the recent resistance level of nearly $0.86. It now remains to see if the price can keep the recovery above this resistance or if further selling pressure would push the price even lower.
The increasing number of green bars on the Awesome Oscillator would indicate a shift in momentum toward bullish behavior.
Even though there are still minimal bullish signals, the new breakout will likely continue unless strong resistance is encountered in the next few days.
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