Prominent analyst Unknown Trader has forecasted a bullish trend for the ONDO’s price, predicting that it could break above the $2 mark in the coming weeks.
The prediction aligns with technical analysis suggesting the token is poised for a breakout. The trader shared key insights on ONDO’s price movement on X, indicating that the token could be heading toward higher levels. This analysis has been bolstered by other tweets, including a significant development from Ondo Finance and notable whale activity surrounding the token.
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ONDO Chart Analysis
The price action of ONDO has displayed strong signs of bullish movement. The chart reveals a consolidation phase under a downward trendline, with recent price action suggesting that the token is nearing a breakout. One of the most prominent patterns forming is the inverse head and shoulders, a reversal pattern that signals a potential upward shift.
The analyst highlights that the price of ONDO is nearing critical support zones, with levels at 1.3759 and 1.3154 being pivotal for the upcoming movement. If the price moves above $1.3759, it confirms the upward trend. Looking at the chart, we can also see a bullish MACD crossover – suggesting the market is starting to trend higher. This could bring in more traders and push prices up faster.
Ripple Partnership Expands ONDO’s Institutional Reach
The expansion of ONDO through its partnership with Ripple has further strengthened its institutional presence. Ondo Finance announced that it would bring OUSG, an institutional-grade product backed by tokenized US Treasuries, to the XRP Ledger. This move has drawn the attention of institutional investors and positions ONDO as a key player in on-chain finance.
Ondo Finance’s tweet about this development showcases the project’s commitment to driving institutional adoption. The token’s integration with Ripple’s XRP Ledger is expected to provide more opportunities for institutional-grade finance in the blockchain space, adding further confidence to ONDO’s potential growth.
Whale Activity Signals Increased Interest in ONDO
Whale activity surrounding ONDO is another factor driving attention to the token. According to Trader-VP, the exchange Upbit has accumulated 35 million additional ONDO tokens, valued at approximately $47 million. This accumulation suggests a potential build-up of momentum, with large investors positioning themselves for future gains.
Such whale activity often precedes significant price movements, adding to the anticipation of a breakout. The accumulation, combined with the positive technical indicators, sets the stage for a potential upward trajectory for ONDO’s price.
The combination of a bullish technical setup, institutional partnerships, and growing whale interest makes ONDO a token to watch in the coming weeks. As the price approaches key levels, traders and investors are monitoring the market for any signals of the anticipated breakout.
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