ONDO price prediction – Here’s what’s next for the altcoin now
The post ONDO price prediction – Here’s what’s next for the altcoin now appeared on BitcoinEthereumNews.com.
ONDO confirmed falling wedge breakout, surging by 4.31% to $0.7122. Market sentiment seemed cautious as on-chain data flashed mixed signals Ondo [ONDO] confirmed a falling wedge breakout on the daily chart, surging by 4.31% to hit $0.7122 at press time. This pattern can be interpreted as a sign of a potential shift from a downtrend to an uptrend – A sign that ONDO might see a sustained rally. The key question is whether this breakout will continue to drive ONDO’s price higher. Can it set the stage for further gains in the coming days? Source: Captain Faibik/X Technical analysis breakdown – RSI and MACD show mixed signals The altcoin’s technical indicators presented a mixed outlook. ONDO’s Relative Strength Index (RSI) had a reading of 62.25, indicating that the asset may be approaching an overbought condition. However, it still seemed to have room for additional growth on the chart. The Moving Average Convergence Divergence (MACD), at press time, was closing in on a bearish crossover. While the chart did suggest there is still time before that happens, a bout of price depreciation might hit the market once it does. Hence, traders should remain cautious given the larger market conditions. Source: TradingView On-chain signals – Can investors expect more gains? On-chain metrics revealed a slightly bearish sentiment. According to IntoTheBlock, for instance, net network growth fell by 1.23% – An indication that fewer participants are joining the ONDO ecosystem. Additionally, concentration dropped by 0.03%, highlighting a lack of significant investment by large holders. Large transactions fell by 2.90% too, which seemed to support the idea of a more cautious approach. The “In the Money” metric remained neutral at 0.01% though, showing that most investors are at a breakeven point right now. Simply put, it seemed to contribute to the uncertainty around ONDO’s…
Filed under: News - @ October 13, 2024 7:21 am