ONDO made headlines recently after it boosted its momentum with a whopping 10% gain over a 24-hour period.
The price of the altcoin rose sharply after the network announced that permanent traders could use the shares as collateral. The purpose of this move is to increase the number of products available for purchase.
The effect of the announcement was immediate. ONDO is the price extended its gains on the daily chart, adding to the upswing it has already been building for the past few weeks.
The explosion came before the news
Before to announceONDO was just about to break away from the bullish pennant that acted as a cap on the stocks during the consolidation period. Its latest the breakout has given encouragement to the bulls and reaffirmed the uptrend that has been consistent since the indicator found support at the $0.30 level.
The aggressive burst created a market gap between $0.32 and $0.36, which was filled and the momentum continued.
In short, the latest announcement strengthened the altcoin bias. Especially since the price of ONDO respected the divergence of the bullish price.
At the time of writing, ONDO was still trading above the 20-day Simple Moving Average. The Bollinger Bands gap widened again, indicating volatility in the market.
Whales continue to add to their space
According to AMBCrypto’s latest Spot Average Order Size data, ONDO officials have been showing little sign of letting up.
In fact, what happened on the chain shows how much whale gear there is around The price of ONDO shares even after birth. This means that long-term players were still good for a long-term bullish market.
In previous years, the increase in the current market has provided additional opportunities.
For ONDO, the same thing can happen and reinforce the existing bias in the market.
Is $0.50 the next hurdle?
The long-term technical structure of altcoins has remained positive so far. By continuing to trade above key support levels established after the pennant ended, ONDO has maintained highs and lows.
The next major area that traders and investors are watching is around $0.50. This is an emotional level that can attract interest in profit taking and new purchases.
The presence of several groups making more than $ 5 million with a price above $ 0.45 seems to confirm the bias of the market. The price of ONDO can also encourage the search for volatile investments.
Brief Summary
- ONDO’s price rose sharply after the stock became available as collateral in the perpetual trade.
- The whale rally has continued following the breakout of the bullish pennant, leaving the $0.50-level as the next major target for buyers.
