Crypto Trader Crowns ONDO the RWA King, Forecasts Price Target of $2.35
The post Crypto Trader Crowns ONDO the RWA King, Forecasts Price Target of $2.35 appeared first on Coinpedia Fintech News
Following the SEC’s approval of eight Ethereum spot ETFs, the leading RWA crypto project ONDO experienced a significant price surge. Before the announcement, ONDO was trading at $0.92. However, within 24 hours of the news, the token saw a remarkable increase of 13.26%, surpassing the crucial psychological threshold of $1 and reaching $1.22.
Meanwhile, renowned crypto trader Sjuul recently shared insights, branding ONDO as the king of Real World Asset (RWA) narratives.
ONDO The RWA King
Renowned crypto trader Sjuul has excited the crypto community with his analysis of ONDO’s performance. Highlighting its prowess in the Real World Asset (RWA) narrative, Sjuul has positioned ONDO as a standout player in the ever-evolving crypto landscape.
$ONDO has been showing incredible strength and has become the king of the RWA narrative.
If you are a holder and want to have an objective plan for your take-profit strategy, use the Fibonacci levels in my chart.
As long as we stay in price discovery, those should be targets. pic.twitter.com/pZdg3Yzv0T
— Sjuul | AltCryptoGems (@AltCryptoGems) May 25, 2024
In his tweet, Sjuul advised ONDO holders to consider employing Fibonacci levels as a part of their trading plan. These levels, outlined in his chart analysis, offer a structured approach to setting take-profit targets amidst the cryptocurrency’s bullish momentum.
While pointing out the importance of establishing a strong support level, the trader indicated that ONDO could potentially aim for price targets of $1.35, $1.85, and $2.35. He believes ONDO can reach these targets as long as it stays in its current price discovery phase.
ONDO’s Connection with Ethereum
Ondo Finance recently integrated its assets into BlackRock’s BUIDL tokenization fund on Ethereum, solidifying ONDO’s ties to the crypto giant’s ecosystem. This strategic move explains its correlation with the Ethereum ETF news.
Therefore, after the SEC greenlit 8 Ethereum spot ETFs, ONDO’s price surged to $1.20, marking a 14% increase in its price.
Yesterday night when the news broke out about the Eth approval and I tweeted that I am doing absolutely nothing with that info based on the chart looking like only idiots trading it, which aged well.
But I did notice $Ondo being an outlier beneficiary. But I thought, still… pic.twitter.com/OQnt3ip1eG
— Sp3y3Der ▚▘▚▘▚▘ (@sp3y3der) May 24, 2024
Potential for 10x Growth
A recent report from DeFiLlama shows that Ondo Finance’s Total Value Locked (TVL) has skyrocketed to $458.42 million, suggesting a strong long-term trajectory. With this trend, the TVL could reach $1 billion within a few months, bolstering ONDO’s price and propelling it to $2 or even $4.
Additionally, Santiment data reveals that ONDO’s volume has surged to a monthly high of $449.50 million, indicating a significant uptick in interest.
Filed under: Bitcoin - @ May 25, 2024 9:18 am