ONDO, the RWA cryptocurrency bounces back to $1: Analysis of June 20, 2024

After reaching its ATH, ONDO faced selling pressure bringing its price back towards $1. Let's take a look at the future prospects for ONDO.

ONDO price situation

The ONDO cryptocurrency benefited from a more than satisfactory launch. Indeed, after reaching a historic low point at $0.08400, the cryptocurrency recorded a performance of more than 1,600%. ONDO successively crossed its highs at $0.30, $0.60 then $1 before marking its ATH (All-Time High) just below $1.50. It was from this last price level that the cryptocurrency faced downward pressure, bringing its price back towards $1. Fortunately for the ONDO price, this price level acted as support. So the last drop already seems to be on the verge of being caught up.

At the time of writing, ONDO is trading around $1.26. Buyers appear to dominate, as ONDO price has reclaimed the identified value zone above $1. Interestingly, the cryptocurrency's rebound took place on the 50-day moving average. In the eyes of investors, this can be seen as a reassuring sign that ONDO's uptrend will continue. In terms of cryptocurrency dynamics, we observe a recovery, visible both by the price itself and by the oscillators. Unsurprisingly, this could support buying convictions in the short term.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Hypotheses for the price of ONDO

• If the price of ONDO remains above $1, we could anticipate a bullish recovery up to $1.40. The next levels to consider if the bullish movement continues would first be ONDO's ATH, around $1.52, and higher, the $1.75 level. At this point, that would represent an increase of more than 40%.

• If ONDO's price fails to stay above $1, we could see a return to around $0.94. The next support to consider, if the bearish movement continues, would be around $0.85. At this point, that would represent a drop of about 33%.

Conclusion

ONDO showed notable resilience after a promising launch, with buyer support and positive signs for a resumption of the uptrend. Everything suggests that its growth potential is not yet at its peak. Nonetheless, it will be crucial to carefully observe the price reaction at different key levels to confirm or refute the current assumptions. It is also important to remain vigilant against potential “fake outs” and “market squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.