The recent market volatility stemming from rising tariff wars has impacted the crypto space, including Ondo Finance (ONDO). Currently, it is trading at $0.7894, down 0.32% in the last 24 hours.
Amid growing trade tensions across the world and increased investor nervousness, the price action of ONDO continues to follow the uncertainty. Will ONDO find support and bounce back from the turbulence surrounding it?
ONDO Declines to $0.7894
Ondo Finance (ONDO) is under pressure on the 1-day price chart. ONDO is currently trading at $0.7894, down 2.33% after a March increase above $0.9536 that did not hold before dropping to $0.786 support.
Holding the support level, the price action hints at a double bottom reversal. The neckline of the pattern is at $0.9
The RSI is at 41.91, revealing a neutral momentum at play while not being considered overbought or oversold. However, a clear bullish divergence is visible, signaling a potential double bottom reversal.
Furthermore, the MACD and signal lines give a bearish crossover. The MACD line is at -0.04432 below the signal line at -0.04819, suggesting additional downside risk.
Additionally, trading volume is increasing into the dip with more selling pressure. Other potential good news is that ONDO is near the $0.786 support level and could bounce, and the buyers come in.
Traders should look for price action above $0.9536 as confirmation of a more bullish reversal or take on additional downside. A breakout rally could result in a spike to the 50% level at $1.10.
ONDO TVL Nears $1 Billion
ONDO’s total value locked (TVL) sits at $993.18 million, with strong liquidity. In early April, there was a spike in token unlocks, correlating to the price surge during that time period.
Since this time, the liquidity appears steady, and reflects that ONDO has a solid foundation despite tariff war volatility. This resilience could draw in investors looking for stability during choppy waters.
ONDO Pioneers Onchain Stocks: Is This the Future of Capital Markets?
Ondo Finance, which seeks to connect TradFi and DeFi, seeks to move stocks on-chain with the Ondo Chain and Ondo Global Markets. It bills itself as the Capital Markets Layer to merge networks like Ethereum, Solana, and SUI while offering deep liquidity and regulatory compliance.
With partners like Franklin Templeton and PayPal, Ondo Finance is enhancing the infrastructure to facilitate the linking of crypto, DeFi, and traditional finance.
Final Decision: Can ONDO bounce back from the tariff war?
To sum up, tariff wars have caused ONDO to become pessimistic. It has substantial liquidity and $0.786 support. However, they offer at least some potential advantages.
Emerging bearish signals offer some caution, but a move above $0.9536 might present a chance for a recovery. As a result, ONDO ultimately and significantly depends on the global de-escalation of the conflict and favorable purchasing interest.
