Ondo Price Forecast: Ondo rallies on the launch of Intelligent Portfolios with BlackRock
- Ondo is up 10% on Friday, advancing the 26% gains from the previous day.
- Ondo launched three curated portfolio strategies powered by BlackRock, targeting target eligible non-US investors.
- The technical outlook for Ondo indicates a strong upside bias as bullish momentum builds.
Ondo (ONDO) price continues to extend its rally above $0.5700 at press time on Friday, following a 26% jump the previous day. The tokenized asset trading platform launched three curated portfolio strategies powered by BlackRock, focused on high income, growth, and diversification. The technical outlook for Ondo indicates an upside bias, as key daily moving averages form a Golden Cross.
Ondo rolls out new BlackRock-powered funds
Ondo announced the launch of new single-token portfolio strategies powered by BlackRock on Thursday. These portfolios are BLKHIon, focused on high income, BLKDIGon, for diversified growth, and BLKGRWon, for high growth. The new portfolios mark BlackRock's expansion of tokenized products accessible to eligible non-US investors through peer-to-peer transfers across wallets, exchanges, and DeFi applications.
Technical outlook: Ondo rally signals bullish trend reversal
Ondo rallies 10% so far on Friday, advancing the 26% jump from the previous day. The DeFi token trades at a Year-To-Date (YTD) high, testing the bullish breakout of the November 5 low at $0.5625. A confirmed breakout could extend the rally toward the October 11 low at $0.6815, followed by the October 13 high at $0.8432.
A Golden Cross pattern is emerging between the 50- and 200-day Exponential moving averages (EMAs) at $0.3856 and $0.3767, respectively, hinting at a bullish trend reversal.
Momentum conditions are stretched on the daily chart, with the Relative Strength Index (RSI) at 76, in overbought territory, and the Moving Average Convergence Divergence (MACD) line maintaining a positive trend, suggesting strong but potentially overheating upside pressure.
On the downside, initial support is seen at the $0.5000 psychological level, followed by the November 22 low at $0.4524. A deeper pullback could see the 50-day EMA near $0.3856, the 200-day EMA at $0.3768, and the 100-day EMA at $0.3695, forming a deeper demand zone.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
