The post Ondo (ONDO) Flashes Bullish Signal, Accelerating $2 Predictions appeared on BitcoinEthereumNews.com.

Calls for Ondo (ONDO) to reach a new all-time high dominated the market after the price reached $1.48 on June 3. Yet, the token went against those wishes and is now 17.64% down from its peak. When analyzing a cryptocurrency’s prospective price, on-chain data lets out unseen insights to help investors make informed decisions. For ONDO, there has been a change in previous developments, suggesting that the bullish predictions could become reality.  Cheaper Spend Can Lead to Higher Prices When ONDO launched, its price was around $0.11. However, its 658% increase over the last 365 days makes it one crypto with many eyes on it. Fueled chiefly by solid fundamentals and a trending Real World Asset (RWA) narrative, here is how the cryptocurrency may fare in weeks to come. To start with, BeInCrypto assesses the Realized Cap. Simply put, the Realized Cap measures the average value weighted by the price token holders paid for it. Furthermore, increases occur when cryptocurrencies that were last moved are spent at cheaper prices. Converesly, the value decreases when the last tokens moved are spent at high prices. As a result, the metric acts as on-chain support or resistance. At press time, ONDO’s Realized Cap stands at $1.15 billion. On average, the metric is a crucial tool for spotting accumulation and distribution regions. However, this happens when compared with the market cap. Ondo Realized Cap. Source: Santiment If the Realized Cap is above the market cap, it implies a warning sign that the price may decrease. As of this writing, Ondo’s market cap is $1.70 billion. Furthermore, the fact that the Realized Cap is lower paves the way for the price to continue its bullish path. Read More: How To Invest in Real-World Crypto Assets (RWA) Tokens Continue to Leave Circulation As the metric above increases,…

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Filed under: News - @ June 27, 2024 3:28 am