- Ondo price broke an all-time high of $1.05 and rallied 10% in the early Asian session.
- Due to Ethereum ETF approval, the RWA narrative has come into the spotlight, with ONDO leading the charge.
- On-chain data shows bullish signs with a spike in the number of investors interacting with the Ondo blockchain.
- A weekly candlestick close below $0.87 would invalidate this bullish thesis.
Ondo (ONDO) price broke its all-time high (ATH) of $1.05 on March 31, as the US Securities and Exchange Commission (SEC) approved Ethereum’s spot Ethereum Exchange Traded Fund (ETF) applications on Thursday. With the recent uptick in ONDO, the Real World Asset (RWA) sector seems to have taken center stage.
Ondo price rally makes RWA relevant again
The US fund manager Blackrock’s entry into the crypto world with its Bitcoin spot ETF application in June 2023 catalyzed the ongoing bull run. Shortly thereafter, the American financial giant made its foray into the tokenized sector in March 2024, which kickstarted the RWA narrative, propelling tokens like Ondo, Dusk (DUSK), Centrifuge (CFG) and so on.
Due to the lack of volatility, the crypto market was stagnating, but the surprising approval of the Ethereum spot ETF by the US SEC has catalyzed alt season. Ondo, in particular, has shown incredible bullish momentum, shooting up 20% in the last 15 hours.
Data from crypto intelligence tracker DeFiLlama backs this claim by noting ONDO's staking TVL, which grew from 40 million in early March to 442 million as of this writing.
ONDO TVL chart
Ondo price shows promise
Since mid-March, the Ondo price has ranged between $0.97 and $0.69 but saw a breakout in the early Asian session on Friday.The 10% rally that led to the end of the consolidation pushed ONDO to an ATH of $1.05. Now that the RWA token is in the price discovery phase, investors can expect the existing bullish momentum to propel it to tag the 141.40% Fibonacci extension level at $1.32. This move would constitute a 25% gain.
If bulls are more aggressive and the crypto market outlook does not turn bearish, Ondo price could extend the uptrend and hit a new ATH of $1.46, representing the 161.80% Fibonacci extension level.
ONDO/USDT 1-day chart
Supporting this bullish thesis is IntoTheBlock’s Total With Balance metric. This index tracks the number of addresses with balance and is used to gauge the investor interest in the project. A spike in this on-chain indicator signals a robust and growing user base.
As we can see from the graph in Ondo's case, the total number of addresses with a balance grew from 35,180 to 41,300 in the past month. This 17.39% growth, despite the price consolidation indicates investors' positive outlook for Ondo price.
ONDO Total Addresses with Balance chart
On the contrary, if the Ondo price produces a daily candlestick close below the May 20 swing low of $0.87, it would create a lower low. The new swing low would indicate a break of the bullish market structure and invalidate the bullish thesis. In such a case, ONDO could nosedive 36% and tag the April 12 swing low of $0.55.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000
Bitcoin (BTC), the largest asset by market capitalization, has noted a decline in its active address count per data from Glassnode. A decline in active addresses is typical at a time during a surge in Bitcoin transaction fees.
SEC vs. Ripple lawsuit update: Regulator responds to letter regarding Terraform Labs judgment
Securities and Exchange Commission (SEC) responded to Ripple’s letter that quotes the reasons for the settlement amount being unreasonable. The payment firm had proposed a fine of $10 million, as opposed to the SEC’s $2 billion.
Gemini Earn creditors could recover their funds in coin as New York Attorney General recovers $50 million
Gemini exchange had terminated its Earn program after Genesis Global Capital did not return over $900 million in assets that it owed to the platform. New York Attorney General Letitia James’ office has recovered a total of $2.05 billion from the platform.
Here’s what you need to know about LayerZero ZRO token airdrop
LayerZero Labs CEO Bryan Pellegrino released details of the upcoming ZRO token airdrop in a recent tweet. ZRO total supply is 1 billion of which 23.8% will be directly allocated to the community and builders. LayerZero announced June 20 as a key date, it remains unclear whether this is the airdrop or entitlement date.
Bitcoin: Has BTC found a local price bottom?
Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.