- $ONDO maintains a strong uptrend, with key support at $1.31 and resistance at $1.44, signaling potential for further bullish momentum.
- A surge in spot buying and aggressive short-selling suggests heightened volatility, increasing the likelihood of a short squeeze.
- Technical indicators like RSI at 52.05 and MACD above the signal line highlight ongoing bullish momentum with potential for price expansion.
ONDO’s market behavior shows a strong uptrend, with price peaking around $1.60 before stabilizing near $1.32. According to analyst Dom, $ONDO Aggregated Spot Volume indicator reveals a dramatic surge in buying activity, indicating strong demand. Simultaneously, Aggregated Funding Rates have plummeted to nearly -4% in the last 24 hours, signaling aggressive shorting on perpetual contracts.
The contradicting market actions between substantial spot buy-side pressure and severe short-selling positions point toward an approaching market situation where short sellers must repurchase leaving prices to rise further. This brings the market to a critical juncture with volatility expected.
At press time, on January 29, $ONDO was trading at $1.40 with a 4.6% price surge showing bulls are ready to overtake the market.This surge has influenced its market cap, now at $4.36 billion, and 24-hour trading volume increased by 24.40% to $444.27 billion.
ONDO’s Key Price Levels: Breakout or Reversal Ahead?
Key Support levels are essential in determining $ONDO’s price pump. $ONDO’s support is currently at $1.31 indicates a strong buy zone, preventing further downside. Resistance at $1.44 suggests a key level where selling pressure may appear. A breakout above $1.44 could drive further bullish momentum, while holding above $1.31 maintains market confidence. If the buying intensifies,the price could surge to $1.5, a major platform that could start more gains.
Technical Indicators Highlight Bullish Momentum
Several indicators review the ongoing ONDO bullish trend. The Relative Strength Index (RSI) currently stands at 52.05,indicating a neutral momentum,suggesting consolidation with potential for further movement.
Additionally, the Moving Average Convergence Divergence (MACD) is above the signal line, suggesting increasing bullish momentum. Furthermore, histogram bars turning green also reinforce this bullish signal.