What to know:
- ONDO price is defending the key $0.32 support as the token tests a long-term ascending trendline.
- Holding the trendline could strengthen bullish momentum and support a recovery toward higher resistance levels.
- A sustained defense of the $0.32 area may keep the broader bullish structure intact.
Ondo Finance (ONDO) is testing a key trendline as buyers defend support and seek a recovery for the ONDO price. Holding the structure could strengthen bullish momentum, while a breakdown may increase selling pressure. Meanwhile, Ondo’s partnership with Saturn expands its tokenized-asset strategy and strengthens its presence in onchain structured finance.
At the time of writing, ONDO is trading at $0.3256 with a 24-hour trading volume of $47.22 million and a market capitalization of $1.59 billion. Despite the signs of stability over the last 24 hours, the ONDO price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: DOGE Price Eyes $2 as Historic Cycle Pattern Signals Explosive Rally
ONDO Price Tests Key Support as Bulls Target $0.35
According to the crypto analyst CRYPTID, ONDO is testing a long-term ascending trendline that has supported the token since June, after sliding from its July highs near $0.42.
With the ONDO price hovering around the $0.33 region, buyers are attempting to defend the structure. Holding the $0.32 support could strengthen the recovery setup and open the door toward higher resistance levels.
Source: CRYPTID’s X Post
In case of success in defending the level of $0.32, the ONDO price is likely to move up to $0.34 and even to $0.35 as the buying pressure is getting stronger.
But if there is a breakdown below this support level, it may damage the bullish trend on multiple months and add new risks to the downside.
Ondo Partners With Saturn on STRC Products
The data from Saturn Foundation further highlighted that Ondo Finance will extend its tokenization of asset strategy by working with Saturn, and this will see the tokenized exposure to STRC included within their structure.
This partnership will revolve around STRCon, which is the tokenized exposure to Strategy’s STRC preferred stock that Ondo Finance created, and will now be incorporated into the Saturn sUSDat offering.
In addition to the partnership, Ondo has also made a strategic investment in Saturn in order to develop a stronger relationship between the two and show its faith in the development of structured finance on-chain.
This partnership will also allow for wider adoption of tokenized securities and provide new means to be exposed to yield-based products.
Despite the bullish price predictions and network growth, the ONDO price is still moving in a neutral territory. However, the general trend in the crypto market is improving, and a breakout could occur soon if conditions remain favorable.
What Comes Next for ONDO?
If the ONDO price manages to stay within the supportive key trendline, the bears might find themselves in trouble as the bulls are likely to come back into play and work on getting the prices higher towards more levels of resistance. A breakdown, on the other hand, will mean bad news for the bulls.
Also Read: Dogecoin Price Breakout: DOGE Whales Buy $62M as Bulls Target $2.80
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment