ONDO (ONDO) has experienced a significant surge in price, reaching its all-time high (ATH) following a period of bullish activity in the past 24 hours. The cryptocurrency saw a price increase of over 10% during this rally, earning it the second spot on CoinMarketCap’s list of top gainers for the day.
The ONDO price began to rise after finding support at its lowest level of $1.22 in the past 24 hours. This upward movement correlates with the overall price increase observed in the last 30 days. Furthermore, the price has risen by more than 74% since its lowest point of $0.7369.
At the time of writing, ONDO continues to trade at its ATH, currently priced at $1.40687. This represents a 10.46% increase from the support level. Notably, this surge marks a staggering 1520% rise from the all-time low recorded approximately four months ago on January 18.
The price increase has also had a positive impact on ONDO’s market cap and 24-hour trading volume. The market cap has risen by 9.50% to reach $1.9 billion, while the trading volume has seen a 23.15% increase, surpassing $280 million.
Data analysis of derivatives related to ONDO’s price rally continues to reflect the cryptocurrency’s upward trend. The derivative market volume for ONDO has increased by 9.47% to $377.47 million, and the open interest (OI) has risen by 10.26% to $250.07 million.
Examining the ONDOUSD price chart, it is evident that the Bollinger bands have expanded, indicating increased volatility. The middle and lower bands of the Bollinger bands are situated at $1.40, $1.04, and $0.68838, respectively.
The candlesticks on the charts, which contribute to the positive market outlook, continue to trade near the upper Bollinger band. This band is positioned above the middle band (20-day SMA) and is supported by a consistent upward price movement.
However, it is worth noting that ONDO’s Relative Strength Index (RSI) currently stands at 74, signaling an overbought region. Consequently, investors who may wish to capitalize on ONDO’s overbought status might begin selling, potentially triggering a price drop and consolidation.
Despite the apparent overbought nature of the market, the Chaikin Money Flow (CMF) – which indicates the liquidity entering the market through ONDO – remains in the positive region with a value of 0.19. This suggests that money is still flowing into the market, which can be interpreted as continued buying.
Please be advised that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
