The cryptocurrency markets are witnessing an uptick in the prices of Algorand (ALGO) and ONDO, a decentralized finance (DeFi) platform built on the Ethereum and Polygon blockchains. This surge is being fueled by various factors, including increased investor interest, bullish predictions, and potential institutional adoption.
RWA Cryptocurrencies Gaining Traction
RWA (real-world asset) cryptocurrencies, which aim to represent and trade real-world assets on the blockchain, are currently trending. ONDO, a leading RWA cryptocurrency, is spearheading this surge. After trading sideways since the end of March, ONDO’s price appears to be gearing up for a significant spike, indicating that the accumulation phase may be over.
One of the key drivers behind ONDO’s growth is the involvement of BlackRock, the world’s largest asset manager. BlackRock’s interest in the project has fueled speculation and increased investor confidence in ONDO’s future prospects.
Growing Investor Base and Bullish Predictions
The number of ONDO investors has been steadily increasing, with the project recently reaching 36,000 holders based on a post by derham_ONDO. This growing investor base suggests a rising interest in the project and its potential for future growth.
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Show more +Prominent crypto influencers and analysts have also expressed bullish sentiments regarding ONDO’s price trajectory. Ben Armstrong, also known as BitBoy Crypto, believes that ONDO has the potential to reach a market capitalization of $100 billion during this cycle, labeling it as a potential top 10 overall coin and drawing comparisons to Bitcoin’s role in traditional finance.
Algorand (ALGO) Riding the Bullish Wave
Alongside ONDO’s rally, Algorand (ALGO), the native cryptocurrency of the Algorand blockchain, has spiked more than 15% today. This surge is in response to a crucial breakout and bullish price action.
Trader Jesse Olson, who accurately predicted the bullish run, highlighted several technical indicators supporting the upward momentum, including a round-trip wick-to-wick correction of -55%, oversold conditions (blue candles), reversal candles, price closing back above trending dots, an RSI buy signal, and a bullish MACD crossover.
When Olson made the call, ALGO was trading around $0.21. It subsequently spiked to $0.26 before undergoing a minor retracement.
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