Real-world asset (RWA) token ONDO soared to a new all-time high of $2.14 during Monday’s early Asian session. The rally followed the news that Donald Trump’s crypto project, World Liberty Financial, purchased 134,216 ONDO tokens for 250,000 USDC.
With a strengthening bullish bias, the ONDO token price is poised to extend its gains in the short term. This analysis details why.
Ondo Touches New Highs, Thanks to Donald Trump
According to on-chain analytics platform Arkham Intelligence, Donald Trump’s crypto project, World Liberty Financial, spent 250,000 USDC to acquire 134,216 ONDO tokens via Cow Protocol during the early Asian hours on Monday.
The tokens were purchased at an average price of $1.83, triggering a short-term surge in ONDO’s price following the sizable acquisition. It drove the RWA-based token to an all-time high of $2.14 before it witnessed a slight correction.
Despite this pullback, ONDO is still up 17% in the past 24 hours and ranks as the market’s top gainer. This price surge is accompanied by a corresponding uptick in ONDO’s daily trading volume, which has rocketed by over 120% during the period in review.
When a surge in trading volume accompanies an asset’s price rally, it indicates strong market interest and participation. It suggests that the price increase is backed by actual demand for the asset and not driven by mere speculation. This combination hints at the potential for sustained upward momentum as more traders are actively buying the asset.
ONDO’s rising On-Balance Volume (OBV) confirms this accumulation trend. As of this writing, it sits at a seven-month high of 1.74 billion, increasing by 3% over the past 24 hours.
The OBV indicator tracks an asset’s cumulative volume. It adds volume on up days and subtracts it on down days to measure buying and selling pressure. When the OBV climbs during a price rally, it indicates that the price increase is supported by strong buying interest, suggesting that the upward trend may be sustainable.
ONDO Price Prediction: There Is Room For More Growth
On a daily chart, ONDO trades at $2.05, slightly below its all-time high of $2.14, which has formed a resistance level. A successful break above this resistance will propel ONDO’s price to new peaks.
However, if profit-taking activity resurfaces, this bullish projection will be invalidated. In this scenario, the ONDO token price will shed its recent gains and plummet toward $1.79, its next major support level.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Abiodun Oladokun
https://beincrypto.com/ondo-soars-after-trumps-purchase/
2024-12-16 08:44:15
