ONDO (ONDO) has experienced a significant surge in price, reaching its all-time high (ATH) after a period of bullish activity in the past 24 hours. During this rally, ONDO saw a price increase of over 10% and secured the 2nd position on CoinMarketCap’s list of top gainers in the last 24 hours.
The ONDO price began to rise after finding support at its lowest level of $1.22 within the past 24 hours. This increase in price is in line with the overall upward trend observed in the last 30 days. Furthermore, the price has risen by a remarkable 74% from its lowest point of $0.7369.
At the time of writing, ONDO continues to trade at its ATH, indicating a 10.46% increase from the support level and currently trading at $1.40687. This surge represents a staggering 1520% rise from the all-time low witnessed approximately four months ago on January 18.
In addition to the price increase, the market cap and 24-hour trading volume of ONDO have also experienced a boost. The market cap has risen by 9.50% to reach $1.9 billion, while the 24-hour trading volume has increased by 23.15% to surpass $280 million.
The analysis of derivatives associated with the ONDO price rally continues to reflect the upward trend of ONDO. The derivative market volume of ONDO has increased by 9.47% to reach $377.47 million, and the open interest (OI) has seen a 10.26% increase to $250.07 million.
Looking at the ONDOUSD price chart, the Bollinger bands have expanded, indicating a higher level of volatility. The middle and lower bands of the Bollinger bands are positioned at $1.40, $1.04, and $0.68838, respectively.
The candles on the charts, which contribute to the positive market outlook, are trading close to the upper Bollinger band. This upper band is located above the middle band (20-day Simple Moving Average) and is supported by a consistent upward price movement.
However, ONDO’s Relative Strength Index (RSI) currently stands at 74, indicating that the market is overbought. Therefore, investors who may wish to capitalize on ONDO’s overbought status might start selling, potentially triggering a price drop and consolidation.
Despite the overbought appearance in 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 and can be interpreted as ongoing buying activity.
Please note that the information provided in this article does not constitute investment advice. It is important for investors to be aware of the high volatility and risks associated with cryptocurrencies and to conduct their own research.
